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Those who say link exchange is waste, I feel pretty on your foolish thinking.
In SEO [search engine optimization], link exchange from high PR site is the FIRST step considered. Even if you get PR 5+ backlinks to your site, your site PR will definitely goto PR 2 - pr 4 in a month or two. Google bot decides your site PR by calculating how trustful is your site online and it decide what PR to give. If it finds that a PR 5+ is showing your link, than you are sure to fall in MOST TRUSTED site as per google bot and you will get better rankings.
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