Cloud Storage: What exactly is it?

Cloud Storage Help 

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     Browsing around Android Central, I found an article that broke down just what Cloud Storage really is. I thought this was interested because of the rise in use of Cloud Storage and also because I've noticed that many people still don't really understand the concept of the service. 

     Cloud Storage is a rising service offered by providers who, after signup, give users large amounts of storage space (usually multiple gigabytes) to upload files and/or folders to a virtual online space, or "Cloud."

     I feel that this could be very beneficial to all who dislike carrying physical memory or for those who like to have multiple backupsfor files, in which since Cloud-based, can be reached from almost any place,at any time. 

     Also, some Cloud-based utilities, such as Google Docs, can be beneficial to students because such utilities allows users to upload files that can be later be read, edited, or saved by others users if given permission.