Definition of chip
A chip is a synonym for a token. A chip is the unit that makes up a stack. Chips are most often used in tournaments and sit 'n' go games. When a player plays in a cash game, what he brings to the table is his money, so when he bets, he is not betting chips, but dollars or euros. In a tournament, however, the player must pay the buy-in fee and will be given a stack of chips from the casino where he will be playing, and he will play with these chips.
The expression a chip and a chair
You rarely hear the expression chip simply, but you do hear it referred to as "your chips", in other words, your chips that come in a bunch! The word chip is reminiscent of the expression "a chip and a chair" which is a classic in the poker world. "A chip and a chair" is an expression that means it's not over until it's over. All you need is a chip and a chair to win a tournament. With a little luck and maybe a little skill, anything is still possible to win the tournament. If the expression exists, it's because fairy tale stories have happened to some players who only had one chip!