How most people think translation works:
You apply a code that translates each word from its Greek or Hebrew original to its English equivalent.
Ie, a greek word that menas "X" = English word
How translation really works:
There is no single, default 'meaning' of a word. Instead, words have a semantic domain. A semantic range. A word's meaning within its semantic range is determined by its context.
There may not actually be an English word that is equivalent or even has a similar semantic range.
An Illustration: the Greek word sarx
One possible translation option -> "a person"
Another translation option -> "sinful nature" (NIV 1984 & NLT) or "flesh" (NIV 2010)
There is no translation that seeks to always use the same word to translate sarx. To do so would be to betray the meaning of the Greek.
How you translate the word 'bit' into another language would depend greatly upon whether you were talking about horses or computers.
We should ban all talk such as "this word literally means..."