Git is a distributed version control system that allows developers to work on code both online and offline. Unlike centralized version control systems, Git stores the full repository on each user's machine, allowing local commits and fault tolerance if the central server goes down. Each Git commit has a cryptographic hash identifier to verify integrity, and branches allow divergent development to be merged together later. The document provides a conceptual overview of Git's key features like hashes, repositories, branching, and merging.