Traditional vs simplified

Would someone mind explain to me the difference between these two?

Please also do correct the following questions if I am wrong.

Based on what I've research, simplified is the writing standard that is used in mainland China. Where as traditional is the writing standard used in Taiwan and Hong Kong. Seem backward to me that traditional is not used in mainland China. But what do I know.

Also since, Taiwan and Hong Kong has been given back to China, does this mean that traditional Chinese will slowly die out?

Thanks.

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