Well, whether you like it or not, there are people who will want to tap into your hardwork by spending just $5 or more. They do this by buying names that look so similar to your domain name that even you will get to their sites often without knowing.
It doesn't mean much if their site is totally unrelated to what you're doing. However, if it's a direct competitor, then you may be losing hard-earned visitors just because of that.
Here's how it happens...
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Let's assume your domain name is Receivers.com
Someone else can register Recievers.com
So, if someone who intends to get to your site makes the little mistake (that most folks often make), they'll find themselves on your competitor's site without knowing.
People referring to your site in forums may also make that little mistake. Webmasters linking to you may also make the same mistake (Believe me, not everyone checks little details like that -- over confidence).
These and other actions would have added to your site's traffic but now they are going to someone who did nothing more than pay $5 or a little more to buy a name close to yours.
This practice is frowned at by decent people. But, how many decent people are left online today$%: Well, there are many but those who engage in the act of "cybersquatting" or "typosquatting" don't care what you think. At least, for now, it is not illegal in every country.
Protect yourself and get those visitors who will misspell your domain name (Not everyone was a Spelling Bee champion).