Anchoring frames to paragraphs vs. to characters

I am having trouble understanding the difference between these two
options. I think I get anchoring to a page, and anchoring as a
character is pretty clear. But I have not yet grokked how to paragraph
and to character are different. Can anyone enlighten me?

Thanks,

I believe that anchoring to a paragraph is the same as anchoring to the first character in the paragraph. If you anchor to a character, then you can be certain that it will be on the same page as the character. Consider a few operations.

Merge two paragraphs:

BEFORE:
par 1
[ANCHOR] par 2

AFTER:
[ANCHOR] par 1 par 2

If I am anchored to a paragraph, if I insert two pages of text to the front of my paragraph, the frame will not move because the location of the first character in the paragraph did not move. The same is not true if the frame is anchored to a specific character.

I have no idea, off hand, how to anchor a frame to a specific character; but if I was creative, I could probably figure it out!