Where electronic or digital data goes when it is lost or deleted. Derives from bit, meaning a unit of information, with bucket implying a common reservoir in which the units are collected for recycling when no longer in use.
Two hours' workwent into the bitbucket when the power went out.
Nickname given to bales of marijuana thrown overboard or out of airplanes. Origin is reportedly from members of the US Coast Guard in the area of Southern Florida.