Although digital data are adorned by the myth of lossless transmission and migration, everyday experience does prove the existence of degradation and, ultimately, data loss in various forms. As it turns out, 1-bit-based information representation for audio is of particular interest in terms of digital deterioration research. We therefore introduce BITDSP as a set of FAUST library functions to explore and research artistic possibilities of bit-based algorithms with FAUST. After introducing and discussing three data formats to handle 1-bit data streams, concrete implementations of bit-based functions ranging from simple bit operations over classic delta- sigma modulations to more experimental approaches like cellular automata, recursive Boolean networks, and linear feedback shift registers are introduced. In a third part, creative applications utilising the described library are presented.