Composing Modern Applications with Bit

Questions

1. What exactly is Bit?
2. What does Bit do at build time, what process does it take over?
   1. Is it similar to Storybook?
3. Are there specific frameworks that work with Bit?
4. What tooling is needed to use Bit?
5. What are the benefits of Bit Cloud?
6. How does versioning work, is it automatically bumped?