Bind address and MySQL server

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I came across the bind address while trying to configure the MySQL server. The details of why I want to configure the bind address is in the link below.

Multiple hostnames and multiple privileges?

Now, I want to understand the purpose of the bind address. In the sense, is a binding address the address we assign to the machine that is hosting the MySQL server? 

I have no clue. Would be really helpful if someone could explain me the purpose of it. Also, will assigning 0.0.0.0 to the binding address create any security flaws/loop holes?

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