Domain names put a friendly face on hard-to-remember numeric internet addresses. Every computer on the internet has a unique internet protocol (IP) number. A domain name represents one IP number or more. For example, the IP number for the domain name whitehouse.gov is 220.127.116.11. The whole purpose is to give users an easy-to-remember handle so that when sending an e-mail to, let's say, the President of the United States, you can type firstname.lastname@example.org instead of the more unwieldy email@example.com.
Note that you can also transfer your domain name from one registration service to another. You'll want to do this if you're not satisfied with your current domain hosting service, if you find a better deal when your current registration is coming due, or, most likely, if you've signed up with a web hosting service that will also transfer your name to its site. Expect to get the transfer for free, but if that isn't offered, search for another domain hosting service.
NameCheap offers domain names to individuals and businesses, including a wide range of new TLDs that can draw further attention to your particular business segment. They also have a user-friendly control panel for buying domain names as well as offer hosting and tools for building your website. I personally used them to transfer over 25 domain names at once, and it took a few days and about three clicks. They're my go-to processor for names I'm just looking to hold.
Domain names can be used in a number of ways. Direct visitors to your website’s home page or use complementary domains to send them to specific areas of your website ( e.g. yourcompany.jobs for a careers page). Or, forward a custom domain to an existing social media account, like your Twitter profile or Periscope channel. With a domain name you can even set up custom email addresses like firstname.lastname@example.org, which can be used to conduct business or communicate with your followers. More.