A password is just a special word that (hopefully) only you know that authenticates you with a service. The pros are that it is very easy to use; the con is that if anyone can guess the word then they have full access.
A passkey is a device that has registered itself with the service as the means to grant access. When you try to log in, the service will ping the device and you have to authorize yourself using that device. This is **much** more secure, as you can’t just guess a word anymore; you have to have possession of a physical object, which _itself_ is typically secured with a password.
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