Paste binary (spaces optional) and turn it back into readable text. Each 8 bits form one byte, decoded as UTF-8.
Eight bits (one byte) per character under UTF-8; the total bit count must be a multiple of 8.
No. Spaces and newlines are ignored; only 0 and 1 matter.
The bit length likely isn't a multiple of 8, or the data wasn't UTF-8 to begin with. Check the source.