From experience and also having been told constantly the benefits of using prepared statements and binding my parameters, I have constantly used those two techniques in my code, however I would like to understand exactly the purpose of each of those two techiques:
From my understanding of prepared statements:
$sql = "SELECT * FROM myTable WHERE id = ".$id;
$stmt = $conn->prepare($sql);
$stmt->execute();
The previous code should create a sort of a buffer in the database with the query I proposed. Now FROM MY UNDERSTANDING (and I could be very wrong), the previous code is insecure, because the string $sql could be anything depending on what $id actually is, and if $id = 1; DROP TABLE myTable;--, I would be inserting a malicious query even though I have a prepared statement. 
FROM MY UNDERSTANDING this is where binding my parameters com in. If I do the following instead:
$sql = "SELECT * FROM myTable WHERE id = :id";
$stmt = $conn->prepare($sql);
$stmt->bindParam(':id', $id);
$stmt->execute();
The database should know exactly all the parts of the sql statement before hand:
SELECT these columns: * FROM myTable and WHERE id = "a variable that was input by the user", and if "a variable that was input by the user" != a variable, the query fails.
I have been told by some my understanding is correct, and by others that it is false, could someone please let me know if I am wrong, correct, or missing something? And elaborate as much as you want, all feedback is greatly appreciated!
 
    