This is how computers generate random numbers in real life! (Ooo, fancy...) In real life they use a lot more bits (items in the bit holder list) and then mod by some large arbitrary numbers to get more random numbers within a certain size range. This way of generating numbers is actually called pseudo-random because the numbers repeat after a while (with 4 bits it's every 15,) and often the results of this process are plugged into a more complicated way of generating a random number but that requires a random number to start.
Got the idea from dad. If you want to change the number of bits, see note inside.