GIT is a high-quality version control system and is distributed in nature. It is installed and maintained on the local machine, instead of the cloud.
Bitbucket is a cloud-based GIT repository service that brings teams together. It gives you a web-based interface, as well as provides access control and many collaboration features. It also offers fundamental task management tools for each project. Bitbucket is open-source, which means the code is kept on a centralized server, and everyone can access it.