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Inbound links is also backlinks. Backlinks refers to the number of website that have link to your sites, that will have a direct effect on your site ranking in SERP's. This is also used by the search engines to measured the link popularity of a particular sites.
Outbound links is a links that direct off site to another sites. Opposite of IBLs, OBLs does not affect the link popularity of your site.
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