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encryption on machine

what are benefits for encryption to run on machine? is it only applicable that someone does not read data without the encryption password.. so basically 2 layers of protection? (windows password, and encryption password)

could this affect performance windows programs?
would encryption happen only on writes? (continually)

considering if this is something to consider for a laptop that will be on road..

what could be disadvantages? like potential slowness on less resource machine etc?
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BitLocker
is that all it does? encrypt on write?
does read do a decrypt moment by moment too? or is only WRITE involved with the BitLocker tool?

does this have to do anything to do with backups? (scheduled or on-demand) {or put in another way, does this interfere with backups in anyways)
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thankuexperts..
You are very welcome and I was happy to help.