IPv4 addressing consists of four octets of eight bits each. 8x4=32 bits per address. Example: 192.168.1.1 in binary is 11000000.10101000.00000001.00000001, which is 32 bits.
Internet Protocol version 4 (IPv4) is the fourth version of the Internet Protocol (IP). It is one of the core protocols of standards-based internetworking methods in the Internet, and was the first version deployed for production in the ARPANET in 1983. It still routes most Internet traffic today, despite the ongoing deployment of a successor protocol, IPv6. IPv4 is described in IETF publication RFC 791 (September 1981), replacing an earlier definition (RFC 760, January 1980).