Can someone explain to me this process? I have searched the forum and this is what I am getting from it: You write a piece of content, with a link with anchor text to your site. And for whatever reason, a webmaster decides he wants to copy and paste it onto his website and you get a free link. Does this sound correct to you?
google it and you'll find a more comprehensive definition, but yeh that's basically it. You give people a reason to link to you, either by providing a useful tool, writing a controversial article etc.
Linkbait is when your content is so cool that everyone wants to link to it. No need to place the actual link code for copy/paste. Webmasters know how to link