Why do I have to keep paying every year for my domain name?

A domain name is ‘purchased’ for a period of 1 year at least. Domain Name registrars ‘sell’ domain names on behalf of Internet Corporation for Assigned Names and Numbers (ICANN). If no timely payment is made for the renewal of a domain name, it gets back to the market and anyone can ‘purchase’ it or additional charges apply to renew the same domain name.

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