Re: Benefits of your own domain?
Google will host it for free like they are currently doing with your blogspot domain. They would just really redirect the blogspot to your domain etc. Then you would NOT need to pay a host as google will be doing this for you.
However, by not hosting it yourself you are lacking with several different things. Like the ability to customize, host your own images, etc etc.
Overall I would suggest using wordpress. There is so much more you can do.
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