By definition, a domain name is simply a human readable form of an IP address. In function it is the destination that you type into a web browser in order to visit a website, such a www.google.com. Metaphorically, it is very similar to how you would scroll to a contact in your cell phone rather than manually dialing the person by entering their full phone number; the phone number would be an IP address and the saved contact would be a domain name. Always buy a domain with a reputable domain registrar.
This is a really informative post! Quick question – so my domain name and web hosting are both with Bluehost but I’m going to go elsewhere. When looking at other websites, I can choose the option for web hosting or WordPress hosting…is it the WordPress hosting option I choose? I have a WordPress.Org website. Also do you know how it works when you have a domain name up for renewal and choose to move it i.e. do you move this then renew it with the new provider or will the date of moving it be the start of the renewal?

When you buy a Premium Domain name, you are also buying strong branding potential, high recall, and the ability to attract more traffic to your site. Finding a relevant domain name to your business will provide you a storefront online, allowing your customers the most access to your products as possible. Your domain name is an investment that is easy to map back to success, and the perfect available domain name is just around the corner.
Hostname. A hostname is a plaintext name identifying a host in a given domain. On a local area network (LAN), a server's hostname might be a nickname like mailserver1. On the internet, a hostname makes up part of a web address and has three parts: the subdomain, domain name and top-level domain. For example, the hostname whatis.techtarget.com consists of the subdomain whatis, the domain techtarget and the top-level domain .com.
On the plus side, SiteGround offers free automatic daily backups, access to the Cloudflare CDN, high-performance SSDs for all plans, unlimited email accounts and integration of the free LetsEncrypt SSL certificate into sites. The company does limit bandwidth and storage, but even those who claim to offer so-called unlimited bandwidth and storage really have some limits in its terms of service.
Complete Internet Solutions is not like that. The price they quote is your locked-in price. In addition, they offer a free twelve months on top of your term. So, if you sign up for two years at $3.95 a month, you pay $94.80 for the two years, and then pay nothing for another year. If you choose to renew at the end of those three years, you can repeat that pricing program without a fee increase. This is how it should be done.

A short, one-word name (ex. cat.com), and especially .com domains, will be pricy because simple titles have a lot of potential uses, meaning people probably already check them out on their own. If you are going after a registered .com domain, you will have to contact the current owner, and even then, prices could be high for misspellings and multiple word domains. In the past years, companies and individuals have settled for bizarre names, misspellings, and old tricks like adding “the” or “my” to the front; note, however, that this will also reduce domain performance.

Think of your domain name as a street address for your website. Without a domain name, you would have to tell customers to visit your website at an IP-based url such as 123.123.123.123/~yourwebsite instead of yourwebsite.com. The former is not very memorable or friendly to human eyes and will surely result in not that many visits to your website. While it is not mandatory that you have a website domain name, nor is it mandatory that a domain you own be attached to a website, for a successful online presence you truly will want to get your own domain name to ensure your website has the proper air of professionalism and appropriate branding.

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