What is the difference between symmetric and asymmetric encryption?

Symmetric Encryption: Uses a single key for both encryption and decryption. The same key must be shared and kept secret between the communicating parties. It is fast and efficient for encrypting large amounts of data but requires secure key distribution.
Asymmetric Encryption: Utilizes a pair of keys—a public key for encryption and a private key for decryption. The public key can be shared openly, while the private key remains confidential. It is generally used for secure communication and digital signatures but can be slower compared to symmetric encryption.