Cloud computing provides on-demand access to virtualized computing resources and pay-as-you-go billing. It allows for easy scaling up and scaling down of resources. Key advantages include lower costs compared to traditional hosting due to pay-as-you-use billing and ability to access unlimited resources. While similar to concepts like time-sharing and web hosting, cloud computing provides more flexibility and ability to scale resources up and down easily. Major cloud providers include Amazon, Microsoft, Google, and others offering storage, computing and other services. Costs can be very low, enabling new types of applications and businesses.