Version history of your files doesn't take up any of your available storage quota.
By default, we store files for up to 30 days, unless you use Dropbox Business, or you have Dropbox Plus and purchased the extended version history add-on.
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You can check how much space you have left in your Dropbox in your Settings on dropbox.com.
While you can store an overwhelming amount of files on Dropbox, some plans have limited space. Find out more about Dropb