A VPS hosting provider relies on virtualization software, called a hypervisor, to abstract resources on a physical server and provide customers with access to an emulated server, called a virtual machine (VM). Each virtual machine runs a complete operating system, and has restricted access to a portion of the physical server's compute, memory and storage resources. Customers have access to the VM's OS, but not to the physical server.
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Most people are clueless about the virtual servers hosting and how they actually work on the shared environment. It is a known fact that thousand and more number of users tend to use a server at a time. In such circumstances, each user is allocated with a designated amount of disk space, bandwidth, CPU allocation, memory and Operating System, which can be used on the server. All the Virtual Private Server users share the same CPU and RAM and think that, they have dedicated set of hardware. Virtual Server software is loaded onto the physical system and from then, a virtual server is ready to be used.
Another way you can customize your VPS to your specific needs is with your choice of Linux operating systems. Select from the best versions of Ubuntu, CentOS, Fedora, Debian, Gentoo or Slackware. If you're in the middle of a project and want change to a different version or a different OS entirely, you can change and re-load your operating system on demand whenever you want!

I was in a similar situation about a year ago, had a managed VPS for some years before i needed a better server and had to switch to an un-managed VPS. Although i had another un-managed VPS without a control panel previously, this time round i chose an un-managed box with cPanel already installed. This was quite handy as i didn't have to deal with installing and licencing the control panel. As have always used cPanel, setting up sites, databases, DNS and all the other configurations was straight forward and fast.

Most people are clueless about the virtual servers hosting and how they actually work on the shared environment. It is a known fact that thousand and more number of users tend to use a server at a time. In such circumstances, each user is allocated with a designated amount of disk space, bandwidth, CPU allocation, memory and Operating System, which can be used on the server. All the Virtual Private Server users share the same CPU and RAM and think that, they have dedicated set of hardware. Virtual Server software is loaded onto the physical system and from then, a virtual server is ready to be used.
Typically, a web hosting service gives you the option of selecting either a traditional hard drive or a solid-state drive as your website's storage medium. Traditional hard drives have large capacities and lower prices, but they aren't quite as resilient as their SSD counterparts. Solid-state drives, on the other hand, are often faster and more reliable than HDDs, but they cost more and have smaller storage capacities. Unless you truly need blazing speed, a traditional hard drive should get the job done.
 – Error-proof sandbox – Virtual private servers give you “do-over” potential because they exist within a virtual sandbox. Damaging a virtual server won’t impact the operating system running on the hardware itself. “The VPS can be rebooted or reinstalled without much issue except maybe for lost data (so always keep backups),” notes Joel Lee of MakeUseOf. “On a dedicated host, a mistake could cause permanent damage.”

Unmetered hosting is generally offered with no limit on the amount of data-transferred on a fixed bandwidth line. Usually, unmetered hosting is offered with 10 Mbit/s, 100 Mbit/s or 1000 Mbit/s (with some as high as 10Gbit/s). This means that the customer is theoretically able to use ~3 TB on 10 Mbit/s or up to ~300 TB on a 1000 Mbit/s line per month, although in practice the values will be significantly less. In a virtual private server, this will be shared bandwidth and a fair usage policy should be involved. Unlimited hosting is also commonly marketed but generally limited by acceptable usage policies and terms of service. Offers of unlimited disk space and bandwidth are always false due to cost, carrier capacities and technological boundaries.[3]
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