Field Collection vs. Paragraphs
In many respects the Paragraphs module appears to be a fork of Field Collection. Functionally, the difference between the modules lies in how their respective field widgets operate. The Field Collection widget allows users to embed multiple instances of a single field collection bundle in a node, while Paragraphs allows users to select a different bundle for each instance they embed using the Paragraphs widget. Both of these methods are extremely valuable and I now find myself combining field collections and paragraphs on the same node.

Read more in the issue about "Merge with Paragraphs module?".