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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.
Until 1991, the Internet was restricted to use only "...for research and education in the sciences and engineering..." and was used for email, telnet, FTP and USENET traffic—but only a tiny number of web pages. The World Wide Web protocols had only just been written and not until the end of 1993 would there be a graphical web browser for Mac or Windows computers. Even after there was some opening up of internet access, the situation was confused until 1995.
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A domain name is the name of your website or your website address. It's the place where users will find you on the Internet and it's unique to you or your business. Each domain name is made up of two parts. For example, our own domain name is names.co.uk, the first part is the name we chose 'names' and the second part is the extension 'co.uk'. Before domain names, web addresses were made up of a long string of numbers.
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.