No.

This is basic school maths - radix notation, and place position:
the left-most digit is the most-significant, and the right-most is the least-significant.

When you write the number 123 in decimal (base 10), the '1' is "hundreds", the '2' is "tens" and the '3' is units.
Mathematically, that's 1x10² + 2x10¹ + 3x10⁰

so 8 decimal is 1000 in binary (base 2):
1x2³ + 0x2² + 0x2¹ + 0x2⁰

You should be able to spot from this why it is so common to call the right-most (least-significant) bit "Bit 0"...

See http://www.8052.com/forum/read.phtml?id=94478
and http://mathforum.org/library/d...54311.html