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Selfhosting is the act of hosting applications on “hardware you control”. That could be rented or owned, its the same to us. You could go out and buy a server to host your applications but there a few issues that you might run into that could prevent you from simply standing up a server rack in your spare room. From shitty ISPs to lack of hardware knowledge there are plenty of reasons to just rent a VPS. Either way youre one of us :)
You control the hardware you are provisioned and the software you run on it, which is enough for me. Unless you’re looking for a job in the server adminstration/maintenance field the physical hardware access component of it matters less IMO