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What is the difference between link building and link baiting?

The biggest difference between them is that link building works for long period of time, whereas link baiting works on for short period of time to attract traffic on your blog or site.

 link baiting and link building is that link baiting is one technique used by SEO consultants within the concept of link building. Savvy webmasters use "baits" in link baiting such as hot headlines to create discussions on social media or online forums in order to generate links back to their websites.

The biggest difference between them is that link building works for long period of time, whereas link baiting works on for short period of time to attract traffic on your blog or site.

These are two totally different things.
Link building - promoting your website by publishing/exchanging/buying links, link analysis, link disavowing. It is everything you can do with inbound links for making your website rank higher in search engines.
Link baiting - is a process of creating/publishing interesting texts - those, which will attract visitors. If it is catchy, readers will most probably visit links you include in the texts.

The only definitive difference between link baiting and link building is that link baiting is one technique used by SEO consultants within the concept of link building. Savvy webmasters use "baits" in link baiting such as hot headlines to create discussions on social media or online forums in order to generate links back to their websites.