Implicit wait --
Implicit wait usually makes browser wait for specified time. This is global setting and it makes WebDriver wait for specified time until all the elements are loaded. In implicit wait, WebDriver will check for source again and again to make sure that element is loaded properly.
Explicit wait is limited to perticular WebElement or WebElement to be ready for perticular condition.
e.g. You are looking for text to be equivalent to the texts you are expecting in 60 seconds, you can use Explicit wait.