Add a Submit Button to a Form - What is the difference between <button type="submit">submit</button> and <input type="submit">submit</input>

Tell us what’s happening:
What is the difference between using <submit> and <input> to submit data? When would one be used instead of the other? Can someone provide an example?

<button type="submit">submit</button>
<input type="submit">submit</input>

Link to the challenge:

Button can have content, input can’t, it doesn’t have closing tag

<input type ="submit />