Every website has a unique name which is started from WWW (World Wide Web) and ends with their function like .com, .org, .in, .co etc. So the name should be unique and identified by at least one server. For example www.dhirajbhalerao.in , www.google.com, www.unesco.org etc.
Domain name- It is quite simply the name of your website. You can choose it according to the function or the goal of your website.
The cost is different for every domain. For example, the cost for .com is differ from .in.
Also, the cost of the domain name is different for different domain providers. For example, the cost of the domain name on Godaddy is different from Bluehost. So, while purchasing the domain we must analyze the different cost of the same domain.
You have to renew your domain name after particular intervals. The domain providers make the different package through which we choose the preferable one. For instance, the Bluehost have a package of one year, two years, and three years etc. so you have to pay according to the plan which you chose.
Sometimes the domain name of a company is already brought by another firm. In this case, the firm was negotiating with another firm and brought that domain.
There is an interesting coincidence was happened with TVS Motorcycle company. They want to buy a domain which is on the name of their company called tvs.com. When they search for the domain it is already sold to another firm. After an investigation, it is found that the domain was taken by a TV seller store. He buys that domain because the store name is TVs (say the plural of TV).eventually the domain is correlated with their profession. In such situations, you have to negotiate with the domain holder.
You can transfer your domain from one host to another. You can buy or sell it. The domain name may be an asset for you. It will be an investment which gives you money later on. But be careful while choosing a domain hosting providers. Sometimes the cost of the domain for one year is lesser but in the next year that cost should be very high. You must take care that it is not the same implication of other company or individual.