I, like other searchers, attempt formulation after formulation of the central issues and here present a wider overview, taking for working hypothesis the most effective one that has survived this winnowing: It from Bit. Otherwise put, every it — every particle, every field of force, even the spacetime continuum itself — derives its function, its meaning, its very existence entirely — even if in some contexts indirectly — from the apparatus-elicited answers to yes or no questions, binary choices, bits.
It from Bit symbolizes the idea that every item of the physical world has at bottom — at a very deep bottom, in most instances — an immaterial source and explanation; that what we call reality arises in the last analysis from the posing of yes-no questions and the registering of equipment-evoked responses; in short, that all things physical are information-theoretic in origin and this is a participatory universe.
–John Archibald Wheeler
from Maria Popova,
the rest is at brainpickings