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Web hosting can be done via monthly or yearly payments. You also have the option of having your website hosted freely by companies such as homestead or geocities. However, free web hosting will generally not allow you to have your own domain name, and be forced to used the main companies URL then followed by the tilde (~). A web Host is company that basically allows all the individuals or other companies to use  their other site that have space to host their web sites.It also allows the web services and file maintenance for other individuals that dont have their own servers. It also can just be reflected on what a company is responsible for that particular web site.
A company which keeps websites on their computers for public access. If you are paying  for a company to host your website, make sure they provide redundant backups, fast and friendly support, access to your logs, and cgi script access and support.