Disk space is the size your website can be. Every single letter on your website has to be stored somewhere on your web host's server. Each letter is one byte, and a megabyte is roughly one million bytes. HTML pages are usually very small, but it is the extra images, scripts, and even databases that can take up large amounts of disk space.
Bandwidth is the amount of data sent and received from the server each a month. Transfer is usually measured in gigabytes - billions of bytes.
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