What's the difference between covalent and ionic bonding?

So both are examples of very strong bonding. These are strong bonds that are difficult to break. With covalent bonds, the electron are shared between atoms whereas in ionic bonds the electrons are 'taken'. An example of this is H2 for covalent bonding and LiF for ionic bonding. These can be illustrated with dot and cross diagrams. Ionic solids have the property that they can be dissolved by water, exist as ions in solution and therefore conduct electricity. Covalent bonded substances do not display this.