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.
If you want to open up an online store, for example, you can’t rely on WordPress right out of the box because the platform doesn’t support eCommerce by default. In that case, you can either add support via plugins or just go with a different CMS like Magento, which is specifically designed for online stores. In other words, it’s always helpful to have full control over which CMS you want to use and, unfortunately, WordPress’ hosting plans won’t provide you with the same level of control as Bluehost.

Most of the time you’ll want to go with the cheapest possible hosting plan when you’re launching a new website. Unless you’re very experienced in terms of traffic acquisition, chances are you’ll probably have few visitors during the first few months. Once your traffic reaches a certain threshold, you’ll need to upgrade to a better plan and periodically repeat this process as your website continues to grow. 

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If you want to rely on the SEO tools offered by your hosting provider, you’re once again better off with Bluehost. The company offers basic SEO tools as an optional service that you can add to any hosting package for just $1.99 per month. By comparison with any other well-known host such as Bluehost or HostGator, WordPress only includes SEO tools with its Business and eCommerce plans, which cost $25 and $45 per month, respectively.
^ March 16, 1992 memo from Mariam Leder, NSF Assistant General Counsel to Steven Wolff, Division Director, NSF DNCRI (included at page 128 of Management of NSFNET, a transcript of the March 12, 1992 hearing before the Subcommittee on Science of the Committee on Science, Space, and Technology, U.S. House of Representatives, One Hundred Second Congress, Second Session, Hon. Rick Boucher, subcommittee chairman, presiding) 

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One of the reasons that we're confident you'll have an easy time hosting your site with us is because your A2 Hosting account includes a user-friendly control panel. Your control panel provides you with all the tools you'll need to manage your software, websites, email, databases and more. You'll receive an email providing you with login details explaining how to access your control panel. If you sign up for a Linux Hosting account, you'll receive access to the cPanel control panel and if you choose one of our Windows web hosting services, you will receive access to the Plesk control panel. Both of these control panels are graphical and extremely intuitive!

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^ March 16, 1992 memo from Mariam Leder, NSF Assistant General Counsel to Steven Wolff, Division Director, NSF DNCRI (included at page 128 of Management of NSFNET, a transcript of the March 12, 1992 hearing before the Subcommittee on Science of the Committee on Science, Space, and Technology, U.S. House of Representatives, One Hundred Second Congress, Second Session, Hon. Rick Boucher, subcommittee chairman, presiding)
WordPress hosting is incredibly cost-competitive. The software itself is free, and most shared hosts offer WordPress packages in the $2- to $5-per-month ballpark. It's easy to get started, as hosts will often offer single-click installations for WordPress, and then you can begin browsing the thousands of themes available in the Appearance section of the WordPress dashboard. Customize to your heart's desire, click "Publish," and voila! You've got yourself a self-hosted WordPress website.
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