Conference papers are often published in collections known as "proceedings," which are sometimes produced by university presses, sometimes by professional organisations, sometimes by well-known publishers, and sometimes just available online.
A journal paper is an article that has been published in a particular issue of the journal. It ranges from one issue each month to once a year, or anything in between; it may not even be a regular occurrence for certain journals. The review process for journals is frequently unpredictable, with no set timetable or plan in place: while journals may make promises such as "reviews in six weeks," in my experience, this is seldom, if ever, followed through on. Journals, as opposed to conferences, typically have a rolling review schedule, and reviewers can choose to ask authors for revisions, which means that there may be multiple review phases (often limited to three, at which point the paper is rejected or accepted), whereas conferences typically have only accept/reject decisions.
Given that conference papers have a set timeline and offer the authors with a forum for debate and criticism, they are typically used for shorter-term work or for "announcing/marking a concept," as well as for identifying potential collaborators. A further disadvantage of conference papers is that they typically have defined page restrictions, which means that the material is limited to preliminary findings.
Journal papers tend to have generous page restrictions (or none at all), but they also require that the work be more complete and self-contained as a result of the liberal page limits.
In general, articles published at well-recognized journals tend to be more prestigious than papers published in well-recognized conferences in most subjects (esp. in terms of metrics).

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