Version control for web developers

Today we discuss version control (ie. Git, Mercurial, SVN, CVS, etc.) and how it relates to web development.
Discussion Points

Why should a web developer use version control?
Which version control should I use? Git? Mercurial? Other?
What is required from the team in order to make this work?
What role does version control play with Wordpress?

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References

Github
Bitbucket
Github Desktop
Using Github Desktop with Bitbucket