I have posted an article on selecting a domain name, which covers a large area on this. Here is the link of that post and please read it before you proceed with this article.
Picking a domain name is very important for your commercial website and you must do it very carefully as it contributes to [...]

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Companies are selling domain names for very cheap prices. Therefore some people buy them without any purpose just for fun and keep them. This will block the chance for a person who really wants to reserve a domain name with a desired name. Sometimes they get disappointed as they can’t reserve a domain name [...]

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