Acrylic Paints Can be Diluted With Water

Acrylic paint comes in a tube, just like oil paint. However, since
acrylic paint is water-based meaning it dissolves in water instead of
oil-based meaning you need to dissolve it in oil or turpentine, it's
much easier to clean up after. You can soak your brushes and clean your
hands in plain tap water, instead of smelly and flammable chemicals.

Another advantage to acrylic paint is that it dries much faster than
oil paint usually overnight. If you're working on a painting that needs
to be done on time, that's important. Acrylic paint was developed as a
water-based alternative to traditional oil paints.

Acrylic paints can be diluted with water, but become water-resistant
when dry. Depending on how much the paint is diluted with water, the
finished painting can resemble a watercolor or an oil painting.

Acrylic paint is a fast-drying paint containing pigment suspended in
an acrylic polymer resin. Different from oil painting as watercolor is
different from oil painting. There are techniques, which are available
only to acrylic painters, and there are also restrictions, which are
unique to acrylic painting.

Acrylic paints can achieve an oil-paint-like effect, and do so in
much less time. Applied to look like oil paints, acrylics are somewhat
limited due to the superior color range of oil paints, and the fact
that acrylic dry to a shiny, smooth.

Acrylics paints are sometimes used in place of watercolors because
acrylics dry closer to the desired color slightly darker, usually,
while watercolors dry lighter and often unpredictably, especially for
beginning artists.

Source:articlesbase.com