There's nothing new about that link building (In other words "Link Campaign") is the highest possible Search Engine Optimization (SEO) process. Without link building, most probably, it'll be all around you & your blog, and no one else. But if you don't know how you'll build links for your blog, then even link building cannot help you to get a good amount of traffic. A good amount of Traffic, isn't it your target? So to get a good amount of traffic for eternity, you must follow White-hat-SEO tactics that are only recommended by search engines, that means, white-hat link building too.
Being Blind About Getting Backlinks:
I barely get the reason why people rush so much about getting backlinks. SEO is not a job of 24 hours; it takes time. If you can't wait for search engines to rank your site, then today or tomorrow, fortunately or unfortunately, search engine may penalize your blog (What you don't want). As for link building, be sure from where your inbound links are coming from; then build as many links as you want.
You might be well familiar with getting backlinks by giving away articles. Well, I am not talking about submitting articles to Hubpages.com or any article directories, I am talking about link farms. In the ancient time (maybe 1 years back), it was quite popular link building process. Can you imagine of 25 baklinks a day for your contents, and all of them are from Related pages?! Well, it's less! If you are their Pro member, then you'll have 100! So, I guess you have understood about which sites I am talking about. Unfortunately, these all donated articles can bring you millions of backlinks, but all are from Link Farms. Which means, they are increasing your chance, not to get High PageRank, but to get penalized by search engines!
Building Backlinks for only the Homepage:
I have seen many people doing this mistake about building backlinks from high PR pages, for only the homepage. This is true that once your homepage gets ranked higher by search engine algorithm, it will help other pages to get a good PageRank. Also, for the people who will search with the Keyword of your blog, your blog's homepage might not be what they'll want to see. Hence, try to avoid these habit. While you are commenting on a page, don't leave a link-back to your homepage always; rather try to leave a link-back to your blog's good contents (I prefer some specific Categories).
How Will Dynamic Back-linking Help My blog?
If you build links for only your homepage, to search engine (google) your blog's homepage will be the only popular section of your blog. And this is why, not every site, gets site-links. Basically, site-links are the popular sub-pages in your blog, where oneself will want to go. As an example: if you search with the keyword "Mashable" at google, you'll find many sub-pages at google's SERP as drop-down menu. You may not like to go to the main page this time. If you want to know about facebook's recent updates, I hope you would go to their Facebook sections rather than their homepages.
However, there's another impact for which many websites with great amount of backlinks do not appear at the first search engine results page. Because, they lack in site-links!
Getting Only High PR Backlinks:
Getting backlinks from high Page-Rank pages are good, but getting backlinks from only high PR pages, is bad! Why? Always be concerned about what are the things google don't want you to do. As it appears to be, google has the legitimate authority to penalize your blog from search engines, accusing you as a Link Buyer. Truly, only link buyers, has all high PR backlinks; not even expert webmasters can have that always. However, if you build links from only the high PR pages, your competitor may report you as a Link buyer to google, and that may ruin everything.
Building a High Amount of Backlinks promptly:
Building backlinks partly depends on your website's Page-Rank or link popularity. When you've just started a blog, it'll seem weird if you get 100 backlinks a day. To the search engine algorithm it'll also look very weird, in fact. So, it is not safe! Play safe, with your website's age in your head.
Exclude these link building habits if you have so. If you don't have it, CHEERS!