Absolutely, but I see value in your own .com extension. Credibility, exclusiveness, options, and overall blog potential increases with your own .com domain name. But, with innovation comes risk, numerous options and questions. If you’re wondering what risk is involved, never forget costs. But in both cases, time will generally be your largest cost.
Hosting with a trusted partner, friend, business, or hopefully combination of all three is your best solution. I doubt this will be the first time you learn the hosting business is saturated. With low startup and maintenance costs, buying a server or three worldwide is manageable. Throw a site on it (even a blog) and one can become a hosting provider.