Daiquiris and margaritas are classic cocktails with differences. Daiquiris use rum, citrus juice, and sweetener, while margaritas use tequila, citrus juice, sweetener, and often have a salt rim and orange liqueur. Margaritas are typically served on the rocks, while daiquiris can be served up or on the rocks. The daiquiri's simplicity allows for more versatility by experimenting with different rums, juices, and sweeteners.