Convert an image to String

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C#

I am opening an image and trying to convert it to a string, so later I can be able to display it in 1's and 0's. I am able to this in OpenFileDialog but when I am using the FileStream I am getting on line:

img = new Bitmap(stream.ToString());

FileStream stream = new FileStream(Application.StartupPath + @"\TestData\img001-001.png", FileMode.Open);

myImage.Image = Image.FromStream(stream); //display in pictureBox
img = new Bitmap(stream.ToString());