To answer this question, one should first understand the meaning of the term "Blog".

A blog is a resource shared on the internet, hosted somewhere on a server, which provides information to people around the world. 

On a daily basis, at least a million people are doing at least a billion searches on search engines like google, yahoo, bing, etc. This is not a small number, and there is always something that is not covered on the internet.

Now one should understand that there are 2 reasons why someone starts a blog;

1. To make money
2. You like something & want to share the information with the world

The people who go with the first reason, are those who have learned about blogging through some youtube video or some blog, which tells them how to make money fast, and most of the time, people coming with the motive to make money waste their time in this domain.

This is basically because they are not getting anything out of blogging in the near future. 

On the other hand, if someone is passionate about something or even a number of things, and he or she starts a blog, then they are investing their time and not wasting it. This is because they already like what they are doing, which will make them stick to the blog for a longer period of time, and secondly, because they like what they do, therefore this hobby of blogging acts as a stress buster for them.

It's not like they will stop earning because they haven't written anything and promoted it on social networking websites, but this simple exercise of writing down helps them relieve stress, and acts as a meditation for them.

Therefore, every single second that they spend on blogging is an investment that they have done so far. It's their online legacy that they create, which can be carried forward by the community that they become a part of.

So, is blogging a waste of time?
Well, as we explained above, if you are thinking to make money out of blogging, then definitely you are wasting your time. You can engage yourself in much better work and earn more than what you can do in blogging.

It is true that people around the world have made fortune by blogging, but it is also true that those were the people who started blogging with only one thing in mind and that is to write what they like.

They were passionate about their profession and wanted to share the knowledge that they had. This made them stick to the blogs that they used to maintain, and hence after 5 to 6 years of time, they were able to make money out of the hard work and passion that they had put into their blog.

So, in a nut-shell, blogging is not a waste of time if you are doing it for stress-relief or for creating your own legacy, but it is definitely one if you are just exploring get rich quick schemes.