Firstly, you won't have the legal ownership of the domain for the period you are given for free. Even though it will be registered in your name, you won't have full legal right over it. You cannot transfer it to someone else during the period and there may be some registration restrictions. Also, there may be requirements on minimum use, for example, you may be required to have at least 25 unique visitors within 90 days or lose the domain. The good news here is that these restrictions automatically disappears when you renew the domain after expiration.
In addition, majority of free domain names (TLDs) are attached to web hosting packages and once you are able to grab an ideal package, free domains as well as other freebies will be at your fingertips. It is important to note that all the restrictions mentioned above may not be applicable to a free domain from a web hosting company. For example, the minimum requirement may not be applicable but you cannot transfer the name until you renew it yourself. Also, you may not be able to change host during the period of using the free name.
On the other hand, paid domain names do not have any of the restrictions mentioned above. Once you register your name, you have the full legal right over it and can host it with any service provider. You can decide to sell it at anytime and there is nothing like the minimum use requirement. The only thing that is common to all domain names, whether free or paid, is that they are renewable. Once they expire, you must renew them or else you won't have access to them again. You can register a name for one year, two years, three years or more and the higher the number of years you are choosing, the cheaper the annual rate given to you.
$.99 .COM Domains! Might Make You Cry Tears of Joy!
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