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link bait is usually use more in who manage a web directory , blog and forum which they do love links.
It useful while if they build more link to your website and it do related and it will improve your SEO .
But do smart if you do so because lot of spammer around. You can set dofollow or nofollow manually to those link they build on your site so bad link won't affect in your SEO.
Link baiting is one of the best link building strategy,it is used to write a informational and interesting content on a website,which helps to generate incoming links from other sites.