What is a passkey and how does it differ from a password?

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What is a passkey and how does it differ from a password?

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Passwords are user-created strings of characters, whereas passkeys are system-generated cryptographic keys.

So not only are passkeys stronger (longer in size and more random) but also passkeys use private/public key encryption where the private key never leaves the device it is created on.

So without that private key – no access. But if you lose the device – also no access.