If you host your site on a managed WordPress server, or on a dedicated server, you will see improved performance levels. Now, I am interested in getting another domain name that I would also like to assign to the wordpress blog. If you have the money, then definitely choose either managed wordpress hosting or a VPS over a shared environment. No matter what type of site you're building, you'll probably start your journey with shared hosting, and WordPress is no different.
However, in that case you will need to point your domain name to your hosting company by editing your DNS settings. If you've purchased a domain through your hosting provider, you can probably skip this step because it's taken care of automatically. If you're serious about growing your WordPress site, increasing traffic or turning your site into a full-fledged business, then you'll want to self-host your WordPress site. But it's a good place to start and will give you everything you need to create and grow your WordPress site.
There are hundreds of thousands of web hosts, the vast majority of which meet the minimum WordPress requirements, and choosing one from the crowd can be an arduous task. You'd have to contact the host for technical reasons, but in general, it's to keep things organised on the hosting end. Promotional rates apply to GATOR, shared, cloud, VPS, dedicated, WordPress and reseller hosting plans, and will automatically renew after the initial term at the regular rate found in your control panel. For example, you purchased your domain name and hosting from Godaddy, and now you want to move your web hosting to Bluehost.