STUPID GRAMMAR RULE NUMBER 34: Why do we have a contraction for it's? It is the same amount of characters as it is. What is the point? Contractions are supposed to SHORTEN words.

It is easier to say? Who knows? Why are some nicknames longer than regular names? People so wack.

To avoid confusion in meaning.

"It's" is the contraction of it is.

"Its" indicates ownership or belonging, the possessive.

Well, it does save a space. And it's a little faster to type and write. And it's how I think and talk. I guess that's it about "it's".

It's weird, I can still remember that lesson in school, and the teacher who taught it to me, when the distinction was planted firmly in my mind. 

Well gol-l-lee! I never noticed that!