If it expires you loose the domain... so it is your choice if you renew it or not.. It is like a fumbled football, if you do not pay the first person to grab it keeps it until they decided to pay or not pay...
If you think you will need it make sure you purchase it (renew the domain)...it is not expensive, and if it is a popular domain name.. then it might be worth something. :-)
You can either renew the domain or dont pay provided you no longer needed the domain name.
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