To create a self-hosted blog (more on why self-hosted is better later), you need a domain name (yoursite.com) and a web host.
Even though a site like Blogger is free and makes setup a snap, you don't actually own the content or the site because it's hosted on Blogger's domain.
So if Blogger ever decides to shut down, guess what will happen to your blog?
Yup... bye, bye to all your hard work! (Trust me. I've seen this happen more than once.
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