The attributes appear on the site in the product page and are meant to inform. For example, in the case of a mobile phone, these could include: memory, screen size and other characteristics.
Product versions represent the different variations of a product, such as color or size in a dress. If there are versions for a product, the customers will not be able to add the basic product to the cart, they will have to select one of the available versions of that product instead.
Listed in: Catalog settings