I wanted to post here, my solution and steps -in case it may help someone else out.
1. From within the directory of my mounted usb stick I greated and initialized a 'bare' and 'shared' git repository housed in it's own folder: 'git init --bare --shared bibledit_repo.git'
2. I gave the new folder universal read/write permissions: 'chmod -R 0777 bibledit_repo.git'
Because you can't do a 'git add' or a 'git commit' on an empty bare git repo I did the following:
3. from inside the newly created directory: STEP 1: 'cd bibledit_repo.git' then STEP 2: 'git config receive.denyCurrentBranch ignore'
That's it! There's probably another way to do it, but doing what I did set up a git repo for me. Next I went into bibledit and setup the repository through bibledit using the 'Settings...Repository' links.
I use the preselected options. when it ran the setup output was successful.
Next I did a manual 'Send/Receive' (Tools... Send/Receive) and the bibledit software did a successful 'push' to the git repo!
My next question is that I'm wondering if I should have chosen the 2nd option under step 3:
Subsequent sending and/or receiving.
'Send data to and receive it from the repository. After the setup is complete, Bibledit will send data to the repository, and receive data from the repository.'
Seems like this would be the best option if I have a team working on a bible translation.
Maybe that's wrong?