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SP 6 give you quite a few encryption algorithms to choose from. Right now I'm on the default AES (Rijndael) 256-bit. Is there any reason not to change it to the highest, 8192-bit Saphire II? Will it just take longer to decrypt the file after entering the password? Would it be noticeably slower?
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Yes, as you said. It will just take longer to decrypt and if you will have many accounts, it will be noticeably slower. The AES algorithm is probably the best solution you can choose.