Inbound links are generally called back links for your web site that usually target to your web site. You can face some bad outcomes from the search engine because of the low quality of the back links, so it must be relevant.
Outbound links are usually target to the other web site from yours. It allows you to have a better control over it as compare to the inbound links. You have to ensure that when ever you post any out bond links, they should targer to the relevant resource or content.
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