Qubits are the fundamental units of quantum computing, distinguishing themselves from classical bits by existing in superposition and enabling faster calculations. They exhibit properties like entanglement and can be represented geometrically using the Bloch sphere, where their states can be manipulated through various quantum gates. Despite their potential, challenges such as decoherence, error correction, and scalability hinder the practical realization of quantum computing, though advancements like quantum supremacy signify a significant leap forward in the field.