I will guide you step by step for newbie how to build hight quality blacklink from web2.0. Everyone is easy to do that

Link building is one of the most effective techniques when it comes to SEO. People spend a lot of money and time on building high quality links. Getting a genuine backlink from an authority site is not an easy task; I would say it will require a lot of hard work. The other way around to get a link from such authority site is by paying them and the charge is very high that a normal earning person like me can’t really afford.
In this article you will learn how to build authority web 2.0 backlinks manually. Most of the SEO professionals use high authority web 2.0 sites to build 2nd tier backlinks. This method is preferred a lot as getting a genuine link from a high authority website is not in our hand wherein we can control and build backlinks from authority web 2.0 sites easily.

Why is Web 2.0 sites a great source to get high quality backlinks?
Sites which offer free blogging platforms like Blogger, WordPress, Webs etc. are called Web 2.0 sites. These sites come with amazing inbuilt features which help us in creating a professional website with ease. Sub domains that you create under these sites will have Page Rank of 0 but these sites are considered as Trusted Authority Site. We are going to make use of these sub domains to build high authority backlinks.
Below I will guide you how to build hight quality blacklink point to Money Website by using Web 2.0
On Money Website you will Do:
Create x amount of good qualtiy articles to target keywords.
Example: I have 5 keywords. I write 1 article and optimise for each keyword.
On-page optimisation consists of:
This article should be 500 words +
Use of images & these images have image alt tags (say 2 images, one has the image alt tag as keyword, the 2nd image has the title as a phrase match variant of keyword)
Keyword density should be 2-4%
Meta title & description optimised to include keyword
H1 tag with keyword
Good written, quality article.

Now let's go building blacklink from web2.0
Web 2.0 Link Building To Money Site:
Create web2.0 accounts using a different email for each (when creating each new email and each new web 2.0 site, use a proxy server). For example I am going to make 5 different web2.0 sites. 1 of these sties will link to 1 of the articles on my money site & the home page.
Create a combination of wordpress, squidoo, blogger, sites (if you could recommend me any good web 2.0 sites that would be great)
  + Create 1 quality article based on a related article to main site keyword article.
  +Create 5 "filler" content articles.
The main "quality" article will send 1 link to an authorative site, wikipedia, high PR news site, youtube, google.
The main "quality" article will send 1 link to my article on money site
The main "quality" article will send 1 link to my homepage money site (optional?)
Can buffer this up with 1-2 more "quality" articles if needs be.
Repeat this process for each web 2.0 site i build.

Link Building to web 2.0 sites:
Send ANY links to the web 2.0 quality articles
Social bookmarking - here is my list (Is there any GOOD ones im missing)

Directory submissions (manual or automated)
Guest blog comments (I read automated links to this tier, is this correct?)
Is there any other links I should be sending to my web 2.0 sites?
Then web 2.0 would make up just 1 part of my money site link building strategy. I would combine this with directory submissions, guest blogging, social bookmarking, forum posts. I've also been looking into .edu profile. What i gather is you make a profile on a .edu site. Put a link to your money site in there. Is that it?

1. For web 2.0 and bookmark sites there are many smart software available out there which can help you automatize the whole process and you save time and man power both. I personally prefer to use seo tools why so because except a few things they just work normal and if you use them properly provides many time decent results too.

2. Yes Tier 2 links are required which must be linking to tier1 but i will recommend you stay away with any scrapbox comment blast / profile links at tier2 instead if you want to use it then use it on tier3 one more level back from your money site to make more safety.

3. EDU Profile links i do see lots people say take edu link they are authority blah blah... I personally to believe in taking edu authority links but contextual links such as edu wiki site link or edu blogs of WPMU or similar many edu sites permit you to signup and create your own blog

4. Directory submission - Most are deindexed already by google or they are still working on deindexing more these were actually cheap directories full of spam so google may be having no choice other than doing them out of the index.... Anyways if you can check DA - Domain Authority 40+ Google having 3000+ indexed and PR of homepage atleast 1 or 2 + that web directory may be can help you still... Nobody deny you for this i believe but if you go ahead and use a software to do directory submission may be you cause problem for yourself by having your links placed on high amount of deindexed domains.
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