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if i bought my own server could i use it for Web Site Hosting without the monthly charges?

I would agree with Mercuri, plus your internet provider will see the extra bandwidth your server brings in (assuming your site works) and will charge you extra.

Depending on how popular it is and how much data is uploaded or downloaded they can ask you to pay a business fee.

So, keep your bandwidth low and no problems. If it goes high your rates will go up.

Monthly Web Hosting & Surfee