chances are you have a dynamic IP. if you do then your external IP will be changing all the time. making it difficult for people to connect. also one thing to keep in mind is that firewall will prevent people from being able to connect. i set up a static ip at my home by calling my isp and asking if it was possible. i also use a separate computer for my server that is DMZ on my router.
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No, you do not. You can host a Minecraft server as long as you have connection. Please note that you need to open your ports on your router to make a Minecraft server. If you do not have access to this, you can download a VPN-software like Hamachi or Cisco.
Yes, buying the game is not needed to make a server. However, you must know how to port forward and your router as well as your information to your router (username and password). If you are interested in setting up your own server, feel free to message me and I'll instruct you through it, as I've set up many servers. I've provided links to a port forwarding site as well as the download link for the up-to-date Minecraft server. -Mr. Andy
You can download the Minecraft server software at their main website, from that application you can create a minecraft server using your own wi-fi or resources. This won't cost anything unless you don't have enough bandwidth and you overload your router for creating or running too big of a server.
Why would you make a minecraft server to play on it urself? It wastes RAM and time.
It does not cost anything to get a minecraft server. You simply download the Minecraft_server.exe from the minecraft website download page. Then, you run it to make your own server.