I recently opened an account with PythonAnywhere and learnt it is an online IDE and web hosting service but as a beginner in python 3.4, what exactly can i do with it?
PythonAnywhere dev here, 
You can use PythonAnywhere to do most of the things you can do on your own computer with Python

start a Python interactive console (from the "Consoles" tab)
edit a python file and run it (from the "Files" tab)

The exception is that, if you want to do things with graphics, like use pygame, that won't work on PythonAnywhere.  But most text-based console things will work.
You can also do some more funky things, like host a web application ("Web"), and schedule tasks to run at regular intervals ("Schedule").  If you upgrade to a premium account, you can also run "Jupyter Notebooks", which are popular in the scientific commmunity.
If you need help with anything, drop us a line to support@pythonanywhere.com
What is Python Anywhere used for?