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If website is a store then hosting is a leased office/ shop. In general the space allowed for a website on internet is identified as hosting and the domain name is your website address by which the people can find you over the internet. Just similar to one has to make yearly payment of rental fee. Likewise one pays for hosting and maintenance. Also, the domain has to be renewed once a year. To have a trustworthy hosting is crucial because in reality its one of the major requirement to keep ones site successively live.
Wherever to obtain the hosting and from whom to acquire the hosting is all the site’s owner preference.