Although it may initially seem like a good idea to use other jobs for leverage in advancing your careers, utilising this principle too often does more harm than good. Though it may seem like a good thing to check your employer into a panic move counter offer, it will hurt the long term trust of your business relationship. Now being seen as the person who tried to leave the company, it will be much harder to remain in the inner circle of trust within the company.
Not only will you lose long term trust, your company may start to look for someone to replace you immediately, fearing that you may try to leave again with any opportunity that arises. While you may accept your job's counter offer of higher pay, it may be all for naught if you get replaced soon thereafter.
In addition, higher pay was likely not the only factor that caused you to start looking for a new job in the first place. While your job's counter offer can promise you more money, it will not necessarily promise you a better working environment or more interesting work for you.
If you need to resort to this method in order to earn higher pay this time, there is nothing that will lead you to believe that it will be any easier in the future.