I would like to indicate my teammates that I'm working with certain file(Checked Out) and do not want anyone else working on it until I CheckIn. Is this possible with Bitbucket?
Bitbucket supports two different but similar distributed version control systems (DVCS) : git and mercurial. The both tools share the same design principle (internet has plenty of excellent tutorials) where reserving or locking a file is "unnatural" or "impossible" by design. I'm not aware any ways how that can be done in git but mercurial seems to have an extension that addresses the problem: http://mercurial.selenic.com/wiki/LockExtension
In general DVCSs don't suit well for non-mergeable (e.g. binary and unstable machine generated) files. If this is very common scenario in your team I'd suggest using Subversion (not supported by Bitbucket) instead.
This is absolutely correct. To add to that, the closest thing you can do that is supported by the DVCS is to create your own local branch, make all of your changes in that branch. When you are finished, merge it back to a shared branch (you may have to resolve conflicts if teammates have worked on the same file), and push the merge commit back to Bitbucket. I would go so far as to say this is the RECOMMENDED way to handle the situation.
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