You gain the following benefits.

Ability Score Increase: Increase your Strength or Dexterity score by 1, to a maximum of 20.

Versatile Combatant: You can treat weapons that have the Versatile property as Finesse weapons.

If you have access to them, you can use either the dueling or the great weapon style, regardless of whether you’re holding the weapon with one or two hands.

One-handed Fencing: When you’re holding a versatile weapon with one hand and your other hand is free, you gain a +2 bonus to AC. If you make an attack using both hands, you lose the bonus to your AC until the start of your next turn.

Two-handed Structure: When you make an attack with a versatile weapon that you’re holding with two hands, as part of the Attack Action, you can add half your proficiency bonus (rounded up) to the damage roll.