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Ok, second part of the explanation.
Why the 24/96, the 96 has nothing to do with the dynamics. The 96 here means 96 kHz, which is a sampling rate (a frequency).
Sampling rate and bit depth are two different things...
I told the bitrate says how much steps you get to define a sample value.
I also told, that when you digitise a signal, you take discrete samples at discrete times. Well, how much times a second you take a sample, that is defined by the sampling rate.
A Hertz defines a cycle per second. So when you see 96 kHz, it means you take 96000 samples per second. But why so much?
Well there are two guys names Shannon and Nyquist, that found out something particular. When you want to sample a signal, the samplerate needs to be AT LEAST twice the highest frequency that is contained in your original signal, if you want to be able to reproduce that right. You probably already heard that humans can hear up to 20 kHz. So following the Nyquist theorema, if you want to sample a 20 kHz signal, you need a sample rate of at least 40 kHz. I won't explain it all in detail to you, cuz that would take way too much time and space (I'll post a link on the end of my reply). Just know, that if you fail to do that, you get what is called aliasing.
Ok, any normal person would ask, what the hell is the use of samplerates like 96 kHz? A very good question indeed. If you follow Nyquist, a 96 kHz samplerate allows you to sample signals up to 48 kHz accurately. We only hear up to 20 kHz, so what's up with that?
Well, that's mainly because of cutoff filters that are required in a convertor circuit. To make sure that no frequencies higher than half the samplerate get in the converter, they add an antialiasing filter (a lowcut filter). At the output step of the circuit another lowcut is added (as the output of a digital circuit is usually a pulse signal, and we need to get a smooth analog signal, the lowcut "rounds off" the steep pulse).
The problem now is, if you use, let's say 44.1 kHz, you need a steep filter to remove the unwanted frequencies. Steep filters usually induce lots of distortion (phase distortion mainly).
If we use higher samplerates, we can use smoother filters, which will result in better sound. That's the main difference, not because we sample more accurate content (as a a matter of fact, that same test I talked of in my previous reply showed that very high samplerates were usually less accurate, as again, making circuits that switch so fast are very difficult to make). Oversampling uses the same principle (well pure theoretically 96 kHz sampling is oversampling too).
On another note, even if a "illegal" harmonics could pass, with high sample rates, the intermodulation results (the aliasing) would be in an inaudible (for humans) range, which is another plus.
The biggest downside is storage space. A 96 kHz recording will take up more than double the space of a 44.1 kHz at the same bitdepth. As I said before, the difference between 44.1 and 96 is not so obvious (most people don't even hear it), while the bitdepth difference is certainly obvious. So unless you can afford the extra storage space (and cpu overhead), do go for 24 bit, but stay at 44.1 or 48 kHz.
Like I said, it will sound chinese to most of you, and that is because I needed to simplify a lot. Understanding the full workings of convertors needs a lot of studying, and is usually beyond the scope of a "simple" producer. It's always nice to know a little about the things you are using every day, no?
Some links to clarify Nyquist and aliasing :
http://www.cs.ust.hk/faculty/layers...ms/nyquist.html (use the arrows, and you'll find audio examples of aliasing)
http://csunix1.lvc.edu/~snyder/2ch11.html
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