What is the difference between $\{0,1\}$ and $\{0,1\}^*$?

Question

I am trying to understand the difference between the alphabet $\Sigma = \{0,1\}$ and $\Sigma = \{0,1\}^*$ For $\Sigma = \{0,1\}$. I searched online and found that it can be {$\epsilon$, 0,1,00,01,10,11,...} and another search that its only stirings of length two {00,11,10,01} but for $\Sigma = \{0,1\}^*$ only thing I got was that its all possible combinations of 0 and 1. it seems to me like {0,1} and $\{0,1\}^*$ are equal because any string you can make with one can be made with the other. How are they different?