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You mean re-encode it?
I don't. You only want to encode from the source media once.
It's like if you photocopy a photograph there is a reduction in quality right? then if you photocopy that photograph again (at the same resolution) there is further reduction. Photocopy it again at a lower resolution and result is still worse than if you had photocopied the original at the low resolution.
Every time you encode or re-encode you reduce the quality. So if you encode at 128Kb/s and then re-encode at 64Kb/s to save space, the result will be a worse file than if encoded from the original CD at 64Kb/s.
That example is for music. For video the same thing applies. You can re-encode to save space, but you are better to encode at the "final" bit rate from the source.
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