Live Bait: Just cast and wait, great for new anglers, great for finicky fish, Used mostly with spinning gear, expensive, takes extra time to change/re-rig, trash fish magnet, takes special preparations/ live wells, etc.
Artificial: Match the hatch, Faster recast, lots of options to choose from, angler creates desired action, used mostly with baitcasters, helps to have confidence in lures to grind out fish in tough conditions, can be cheap or VERY expensive depending on your propensity for buying every type of lure option.
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