Value attribute confusion

Please, what’s the difference between label text and value attribute? And when is the value attribute required, and not?

Hey, to my understanding, label is just plain text you wanna display on the page. Whereas value will hold the data that is being introduced and will later be handled.
If your are asking because of this:

<input type="text" value="hello" />

This will display ‘hello’ but this means the default value of the input will hold that string.

Thanks, this helps - in some way. So, “hello” is the message received by the server (or handled)?