Black Hat SEO vs White Hat SEO: PROS and CONS

Whitehat is for the rich and powerful or the lucky and established , blackhat is for everyone else.

There is no White anymore.

Like others have stated, white hat SEO is basically just creating content. No conscious link building is done in white hat SEO.

As to the differences it's pretty simple.

Black Hat: Short term profits (faster to see the money, but won't last)
White Hat: Long term profits (may not see money for a long time, but once you do, you'll be there long-term at least in theory)