I’m going through my music CD archive and re-ripping everything to store it losslessly as ALAC.
Back in the day, I used MP3, encoded with LAME using the -V0 preset, which is considered transparent. So I’m 100% sure I won’t hear the difference, but storing the audio exactly as it was meant to be gives me peace of mind. Also, having the lossless file is useful if I ever want to convert to a more modern lossy format, such as Opus.
