What is the difference between symmetric and asymmetric encryption?

What will be an ideal response?

Symmetric encryption is a fast-performing algorithm typically used for bulk encryption. The same key is applied to the encryption and decryption processes. As the name suggests, the key is kept secret between sender and receiver. This technique is also called private-key encryption. Asymmetric encryption and decryption include the use of two different keys, one of which is referred to as the public key and the other is referred to as the private key. This technique is also known as public-key encryption.