I am creating a website in Django, and am looking to set up a blog for the same (in a sub directory within my domain). Is it possible to use Wordpress for this, given that Wordpress in primarily based in PHP?
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Yes it is possible. You just need PHP installed and your server configured. It doesn't mean that if it's based in php, it won't run with Python. All you need is install php and put wordpress in a directory which is accessible by your server or configure it to locate wordpress and that's it :)