Not exactly, but it is depreciative. I've never seen it defined, but I think it refers to someone who lives from hand to mouth, riskily. It's the sort of word protective fathers use of young men who they don't want to marry their daughters. A well-educated young man with a steady job and prospects of steady advancement is OK; but a high-school drop-out who is working on an online idea that has a chance of succeeding is a 'chancer'.
PS - Two-bit refers to some negligible US coinage - I'll leave something more precise to people who know. I'm not sure how dimes and nickels fit in - all I know is that they're not worth much.
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