A virtual private server (abbreviated VPS) is a server in a remote location which you can access with some command like ssh or telnet. Typically they are owned by companies varying in sizes and capital and they offer them for a monthly or yearly fee to rent. They are geared towards advanced people as you basically have almost full control of the system. Usually they are configured with QEMU to make virtual machines and isolate each user from the other so they don't do bad things outside of that and if they use the RAM and CPU to the full it's just very little as it's just one isolated user. You'll find server oriented CPUs there. Unless you have a very specific purpose or just want to make some money somehow, it's not recommended to rent a VPS because you actually don't need one for most tasks. If you currently have one though, use it for something good like running a tor relay, provide some services (simplytranslate, file upload, etc.) or even make VPN if you need it { I never got wireguard running though }. For other uses like hosting a website or git services having your own infrastructure is better.
Of course if you have the resources you can make your own server and datacenter but since you're most likely not rich you can alternatively get a low-power computer like SBCs, examples being raspberry pi, le potato, etc. and you can keep it connected to your house or another safe place 24/7 and it's even better if you have a UPS. To do this you need to open certain ports or something from your ISP and your public IP will be able to be accessed by anyone or anything in the world.
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