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free hosted blogs:
* free
* quick indexing and easy ranking because of the age and authority of the root domain
* sometimes limited advertising and limited control of templates
* you don't control your own content, the provider can pull the plug at any time
own domain:
* costs (a small amount of) money
* slower to get indexed and ranked because of a brand new domain
* can appear to be sandboxed at the beginning because of weighting factors against a new domain
* unlimited advertising & design mods
* at the end, you own a valuable domain/ property with it's own content, backlinks, PR and no one can take it away from you
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