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Shared hosting is a hosting plan that allows you to host your website by sharing the same server with other users, it's the very basic plan that service providers offer to entry-level websites to start their business. however, each user will get a limited amount of resources depending on their plan cost.
VPS Hosting stands for Virtual private server is the next upgrade that comes after shared hosting it is good for growing businesses that expect more than 20,000 visits monthly, this plan allows you to share the main server with fewer users & gives you the opportunity to do custom configurations in your server, that will allow you to gain Higher uptime rates and faster loading speeds.