While some people think that using Entrecard is a waste of time, how much time would you have to spend to get the same amount of free traffic elsewhere? It is likely that you would have to spend time leaving comments, joining discussion boards, and emailing other people to "look" at your blog.
The truth of the matter is that Entrecard is one source of traffic for your blog. Although it can be said that it is more of a blog network and directory, there have been tools introduced (and more may be introduced) that make it more beneficial than these other methods, which all, separated, leave very little impact on your traffic.
Yes, you could leave a comment or a trackback on a popular blog, but you could advertise on a somewhat popular blog through Entrecard and receive more traffic than that comment/other method would ever deliver. Plus, you have more control over which sites you advertise on and how you interact with other members.
Compared to MyBlogLog or Blog Catalog, which are sometimes considered indirect "competitors" to Entrecard, you see more traffic through Entrecard and more overall benefits for the time and/or effort you put in.
When you think about it, Entrecard is just a service that, when used properly, is designed to help bring visitors to your blog. No promises are made, although they are sometimes implied. But like all other companies, they have to draw in visitors and new members to their site to remain in operation.
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