Warlock vs Wizard: What's The Difference?

An old man with a white beard, wearing a billowing grey cloak, and carrying a wooden staff could be either of the three: a warlock, a wizard, or a hermit. If the old man’s staff can cast spells, then they’re definitely not a wandering hermit. However, there have been references from centuries-old texts about their existence. Warlock vs wizard, what makes them powerful?

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