Do versions of the same file take up lots of space?
No. Each time we backup a new version of the file, we are only backing up the changes to that file since the last backup (typically only a day ago.) This methodology is called Incremental Backup. In fact, not only do we do Incremental Backup but we also do block-level backup. That means that only the individual portions of a file (called “blocks” in programmer lingo) that have changed since the last back up are copied.