Insert Vs. Send Effects

[axslinger]

I'm not sure I understand one from the other, insert vs. send effects.
I'm able to use either on a single track with no sound difference so what is the difference? I understand that insert effects are primarily used for effects that you want to apply to a single track where send effects are used to apply effects to multiple tracks. But I can apply send effects to one track does it then effect all tracks? Any Ideas?