Symmetric encryption can be 100 to 1000 times faster than asymmetric but requires a secure exchange of a single key. Symmetric ciphers, which use only one key, provide a faster encryption and decryption process.

Also, Symmetric encryption requires new keys to be created and exchanged when someone leaves the party; asymmetric does not.

With asymmetric encryption, people can simply place their public key out on the Internet for anyone to download, like in a Certificate Authority.

Today, most systems use a combination of the two. Symmetric encryption is used for privacy, and asymmetric is used for encrypting symmetric keys for distribution.