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Cheap Dedicated server Vs Cloud computer and VPS

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Anay:
Hi

I am very much confused as I have to decide between dedicated server or go for a VPS. VPS looks little cheaper but do you think they are better option compared to dedicated server ?

Should I go for a cheap dedicated server or a high end VPS ?, both costs almost same but there can be some advantage with VPS as it comes managed but dedicated server I need to manage things myself .

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