Are fitness trackers worth it? What are pros or cons?

I highly doubt I am experienced enough to answer this question (I've only started using a tracker, and that too, very recently), but here's my story anyway.

Not many people around me, in my locality,care about fitness trackers. And I didn't want to spend some Rs. 8000-10,000 (INR) on some Jawbone or Fitbit device anyway. And Misfit Flash is yet to be available here. But when Xiaomi, my phone's manufacturer, released the infamously cheap MiBand (a very basic tracker, around $13 in mainland China, or so they say), I very much intended to buy one. And I did get my device from a seller via eBay, for Rs. 1800.

Previously, I used MyTracksand Google Fit on my phone to measure my daily strolls, but definitely it's difficult to carry the phone at all times. And in any case, Android's battery life isn't worthy of praise. So I wanted the MiBand greatly, mainly because of its price, long battery life (30 days on a single charge) and compatibity with my phone (a Mi3).

Ever since I got it, I must sag I feel more motivated. Whether it stems from my basic nature, of competing with myself and beating yesterday's record, or something deeper, I can't say. The MiBand app recommended me to take around 8,000 steps everyday, but I raised it to 10,000 steps on average. I am 76 kg anyway, and would like to lose at least 12 kg. So, the competition with myself started smoothly enough.

Now, I must say I am one of those geeky types, but I guess something deeper, and more philosophical, is at work here. As the Delphic maxim would say, "Know Thyself". And this is what collection of data on myself helps me do.

Lastly (take it with a pinch of salt), it feels good to have someone (something, rather) 'watching' me. Not that 'Big Brother' thing, more of a 'Guardian Angel' type. It sounds silly, I know, but it does help me to know that my activities are being tracked. I feel the reward centre of my brain gets pumped by that.

It's really a matter of choice, if you ask me. But then again, if your budget allows you, why not get one? We can all do with some extra motivation for fitness, of course.

To sum it up, I have been using my band for more than 3 weeks now, and I do feel motivated.
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