Should you need more speed and performance you can also consider switching to an ssd-powered VPS package which has the same advantages as a VPS but offers faster performance due to the presence of SSD hard drives. VPS SSD is highly recommended for websites that use a lot of disk caching, for example WordPress websites with the w3 Total Cache plugin
VPS is short for a Virtual Private Server, which refers to the partitioning of a physical server into multiple servers. You can think of a VPS like a Dedicated Server, where you can enjoy all the components a Dedicated Server offers yet you pay a lower price. Each VPS also features its own OS (Operating System) and allows for separate rebooting. Since each OS receives a specific share of the resources from the physical server, each one is isolated from one another and cannot interfere.
If you register a domain with Bluehost when signing up for a hosting account, there is a domain fee that is non-refundable. This not only covers our costs, but ensures that you won't lose your domain name. Regardless of the status of your hosting service, you'll be free to manage it, transfer it after any required lock periods, or simply point it elsewhere at your convenience. You retain ownership of your domain until the end of its registration period unless you elect to extend it. 

A VPS runs its own copy of an operating system (OS), and customers may have superuser-level access to that operating system instance, so they can install almost any software that runs on that OS. For many purposes they are functionally equivalent to a dedicated physical server, and being software-defined, are able to be much more easily created and configured. They are priced much lower than an equivalent physical server. However, as they share the underlying physical hardware with other VPSes, performance may be lower, depending on the workload of any other executing virtual machines.[1]
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