I would like to add to keisuke.akira answer.
The Noise Model in which only a Single Qubit Flips is correct. However we can assume a more general Noise Model which may be more realistic and still see the use of Bit Flip Code.
Since Quantum Circuits are analog, hence it is rare that a qubit flips completely. It is more likely that there is a small coherent rotation due to noise. This error is modeled as $E=e^{i\epsilon\sigma_x}$ (a small coherent rotation) where $\sigma_x$ is the Pauli-X matrix i.e $\begin{bmatrix}0 & 1 \\ 1& 0\end{bmatrix}$.
Here $\epsilon$ is small and represents the tiny probability of an error.
Thus $E=e^{i\epsilon\sigma_x} = \sin{(\epsilon)}\sigma_x + \cos{(\epsilon)}\sigma_I$
Now if this error was applicable on single qubit in state $|0\rangle$ (It works exactly same in case of $|1\rangle$). It would become
$$E|0\rangle = (i\sin{(\epsilon)}\sigma_x + \cos{(\epsilon)}\sigma_I)|0\rangle \\
= \cos{(\epsilon)}\sigma_I|0\rangle + i\sin{(\epsilon)}\sigma_x|0\rangle \\
= i\sin{(\epsilon)}|1\rangle + \cos{(\epsilon)}|0\rangle $$
Measuring this qubit would result in $|1\rangle$ with $P(1)=\sin^2(\epsilon) = O(\epsilon^2)$. Thus probability of error is $O(\epsilon^2)$
It is correct that the BitFlip Code protects against any single Bit Flip Error. However, by encoding one logical qubit in 3 qubits even in a general case where more than one BitFlip Error can take place. We decrease the error probability by an order of magnitude to $O(\epsilon^4)$.
Explanation:
In Bit Flip Code $|0\rangle_L = |000\rangle$ and $|1\rangle_L = |111\rangle$
Now when $U=E^{\otimes 3}$ is applied to $|000\rangle$,
$$U|000\rangle = E^{\otimes 3}|000\rangle \\
= (i\sin{(\epsilon)}\sigma_x + \cos{(\epsilon)}\sigma_I)^{\otimes 3}|000\rangle \\
= (-i\sin^3{(\epsilon)}\sigma_x\sigma_x\sigma_x - \\
\sin^2{(\epsilon)}\cos{(\epsilon)}\sigma_x\sigma_x\sigma_I -
\sin{(\epsilon)}\cos{(\epsilon)}\sin{(\epsilon)}\sigma_x\sigma_I\sigma_x -
\cos{(\epsilon)}\sin^2{(\epsilon)}\sigma_I\sigma_x\sigma_x - \\
i\sin{(\epsilon)}\cos^2{(\epsilon)}\sigma_x\sigma_I\sigma_I +
i\cos{(\epsilon)}\sin{(\epsilon)}\cos{(\epsilon)}\sigma_I\sigma_x\sigma_I +
i\cos^2{(\epsilon)}\sin{(\epsilon)}\sigma_I\sigma_I\sigma_x + \\
\cos^3{(\epsilon)}\sigma_I\sigma_I\sigma_I)|000\rangle \\
= (-i\sin^3{(\epsilon)}|111\rangle - \\
\sin^2{(\epsilon)}\cos{(\epsilon)}(|110\rangle + |101\rangle + |011\rangle) + \\
i\cos^2{(\epsilon)}\sin{(\epsilon)}(|100\rangle + |001\rangle + |010\rangle) + \\
\cos^3{(\epsilon)}|000\rangle)
$$
While Decoding the Bit Flip Code Essentially find the majority of the 3 qubit states.
In this case the majority is state $|1\rangle$ when after $U$ the state are
$\{|110\rangle,|101\rangle,|011\rangle,|111\rangle\}$.
Thus probability of final measurement yielding us $1$ is
$$P(1) = (\sin^3(\epsilon))^2 + 3(\sin^2(\epsilon)\cos(\epsilon))^2 \\
= \sin^6(\epsilon) + 3\sin^4(\epsilon)\cos^2(\epsilon) = O(\epsilon^4)$$
In this manner Bit Flip Error Correcting Code has reduced the error probability from $O(\epsilon^2)$ to $O(\epsilon^4)$.
$a |0\rangle + b|1\rangle$
renders as $a \lvert 0\rangle+b \lvert 1\rangle$ $\endgroup$