Import a bought domain into Local


So I am very new to Local. And I just watched my first video on how to build Wordpress-websites in Local.

Now if I want to build my own website using Local, after I have bought my own domain-name… How can I do that?

Where do I import a bought domain into Local and so on?

Also, are there any advantages to building a website in Local instead of using regular Wordpress with a Hosting company, except for the extra cost of hiring the hosting company?

And what are the disadvantages of building it in Local?

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