Cloud computing is a model for enabling ubiquitous, convenient, on-demand network access to a shared pool of configurable computing resources that can be rapidly provisioned and released with minimal management effort or service provider interaction. Key features include rapid elasticity, broad network access, resource pooling, measured service, and on-demand self-service. While cloud computing provides advantages such as lower costs, improved performance, and unlimited storage, it also poses disadvantages like requirements for a constant internet connection, limited features compared to desktop software, and potential security and data loss issues if the cloud provider experiences problems.