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If you ever change your web host (the actual physical location of your website files), your domain name goes with you. Your regular visitors or customers who knew your site name as (say) www.thesitewizard.com would not have to be informed about a change of web address (also known as "URL"), since as far as they are concerned, the site is still at the same place. They would simply type your domain name and they'd be transparently brought to your new location.
The suffix identifies the name as belonging to a specific top-level domain (TLD). As of late 2016, when this article was written, there are numerous TLDs available for general purchase, including .com, .edu, .game, .green, .hiphop, .net, and .org. The most popular of these by far is .com, which is supposed to indicate commercial sites, but in reality has come to include almost everything.
There are organizations that are called registries that manage each TLD option. When you register domain names, you would first visit a domain registrar who would in turn check with the registry that manages that TLD to see if the domain is available. If the domain for the TLD you want discovers that it is in fact available, the registry adds it to their registry and gives you access to it. If the domain has already been registered by another user for that TLD, you will be shown during the domain registration process that the domain isn't available.
The top ten was rounded out by #8 Ecig.co.uk ($6,613 at DomainLore.co.uk) and two more Sedo sales - #9 Wallace .co at $5,999 and #10 Poianabrasov.ro at $5,632. Sedo went on to sweep 16 of 20 chart entries overall. UnicDomains filled three spots with sales they made on the Above.com Marketplace with their marquee sale of #4 AR.ca ($25,000) joined by #12 (tie) Playground.ca ($5,000) and #20 BlackMarket.ca at $3,500. 
Dotster.com — This registrar provides fairly cheap domain prices ($15.75 plus 20 cents per domain), a convenient web interface to manage your domains, an optional privacy facility where your domain name is registered in the name of a proxy company, etc. They offer .com, .net, .org, .biz, .info, .us, .ca, .tv, .name, .cc, .de, .sr, .md, .co.uk, .us.com domains, etc. If you're transferring a domain here from other registrars, the price is even cheaper ($6.99 plus 20 cents). Both credit card and PayPal payments are accepted here.

While looking at domains, you might come across the name "ICANN" -- the Internet Corporation for Assigned Names and Numbers. This organization accredits some registrars that agree to a set of operational standards, but ICANN accreditation isn't required to sell domains, nor is it necessarily a sign of a company with good customer service. In fact, ICANN plays no role in the sale of many top-level domains, including country-specific domains.
Official marketplaces offer a third possibility for domain traders to peddle their product. Domain marketplaces, such as Sedo, GoDaddy.com, or BuyDomains.com, link potential buyers with domain holders hoping to sell their prized virtual property. These platforms function as a kind of domain real estate agency and are known to demand somewhat high prices for their services.

A great domain name is a concise, easy to type, and memorable URL that reflects your brand or your website’s subject matter. Avoid using hyphens, strings of numbers, or unnecessary words to make it easy for your visitors to remember and find your website. Remember: A great domain name is one that your visitors can type correctly on their first try.
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