Adding another point of view to above mentioned solutions.
Implicit Wait: When created, is alive until the WebDriver object dies. And is like common for all operations.
Whereas,
Explicit wait, can be declared for a particular operation depending upon the webElement behavior. It has the benefit of customizing the polling time and satisfaction of the condition.
For example, we declared implicit Wait of 10 secs but an element takes more than that, say 20 seconds and sometimes may appears on 5 secs, so in this scenario, Explicit wait is declared.