Linus Torvalds created Git as a distributed revision control system after needing an alternative to BitKeeper for the Linux kernel project. Git allows independent and distributed control over versions of files without needing a central server. Popular projects like Twitter, Facebook, and CakePHP use Git due to its fast and distributed nature. Source code, documents, images and other files can be stored in Git repositories. Basic Git workflows involve cloning or initializing a repository, making changes, committing changes locally, merging conflicts if any, and pushing changes to a remote repository.