How to use Dropbox as Git repository

We all know the multiple service providers when it comes to hosting GIT repositories, sometimes we just want to keep a small project or prototype under version control without having to configure extra accounts for it.
Thats why sometimes I like to use Dropbox as my personal GIT repository hosting so I can share my current work between my computers or even with external members*.

This is how you can do it:

1. Create a empty repository and make one commit for testing.

   ~/project $ git init
   ~/project $ git add .
   ~/project $ git commit -m "first commit"

2. Create a bare repository under DropBox shared folder

   ~/project $ cd ~/Dropbox/git
   ~/Dropbox/git $ git init --bare project.git

3. Add new bare repository as remote in our repository

   ~/Dropbox/git $ cd ~/project
   ~/project $ git remote add origin ~/Dropbox/git/project.git

4. Push our changes! (note the -u parameter)

   ~/project $ git push -u origin master