Just take for an example, a link from authority site like The New York Times is worth 200 times more valuable than random site/blog. As per the statistic, there are 9.2 trillion links on the web and it is growing furiously. So you got the math of how important the links is.
The following infographic (Anatomy Of A Link) from HubShout explains very well on how a link looks like from the Search Engine perspective.
Cheers!
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