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Imo the better approach would be using external hard drive for your needs, since CD ripping wont require high speed storage, and you can carry your ripped CD to anywhere you want if you desire.
 
I was also thinking of getting an external SSD to make my iMac faster. How big of a space would I need for just operating the system (provided that I store large files in internal HDD)?

I was thinking of getting this (about 500gb): https://www.amazon.com/RAVPower-Por...ords=external+drive+ssd&qid=1594230774&sr=8-5

I first thought about getting HDD but since I was also thinking of getting ext. SSD, I might as well kill two birds with one stone. But I just wanted to make sure that 500gb will be enough to carry the Mac OS system and also store ripping of CDs (I think about 200gb will be enough for CD ripping for now)

But also does SSD need to be changed to exFAT too, to use it with Win and Mac?

Also, HDD loses its data easily with a little shock, which seems to be the reason why you need to buy two HDDs to back up the backup. what about SSD? I would like to buy just one if possible to save money.
 
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I was also thinking of getting an external SSD to make my iMac faster. How big of a space would I need for just operating the system (provided that I store large files in internal HDD)?

I was thinking of getting this (about 500gb): https://www.amazon.com/RAVPower-Por...ords=external+drive+ssd&qid=1594230774&sr=8-5

I first thought about getting HDD but since I was also thinking of getting ext. SSD, I might as well kill two birds with one stone. But I just wanted to make sure that 500gb will be enough to carry the Mac OS system and also store ripping of CDs (I think about 200gb will be enough for CD ripping for now)

But also does SSD need to be changed to exFAT too, to use it with Win and Mac?

Also, HDD loses its data easily with a little shock, which seems to be the reason why you need to buy two HDDs to back up the backup. what about SSD? I would like to buy just one if possible to save money.
It depends on your setup. Neither Microsoft Windows nor macOS can be installed on exFAT partition, so for odd operating system file access, you will always need a separate solution.

However, if you install macOS on external hard drive, it is fairly easy to get a separate partition on your macOS drive to format it as exFAT for mac/win file exchange. 512GB should be enough most of the time.

While HDD can lose data easily through shock, when HDD is idle, it is actually not that easy. SSD on the other hand, has well-known read/write circle limits (NAND flash property). So you still need to backup your SDD on, surprisingly, HDD, because HDD read/write endurance is much higher compared to SSD.
 
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If you had to recommend a 2-4 TB HHD, which one would you recommend? When I read the Amazon comments, it almost seems that there are no HHD that is good enough.

People complain about how slow it is and how it stops working in a few months.
 
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If you had to recommend a 2-4 TB HHD, which one would you recommend? When I read the Amazon comments, it almost seems that there are no HHD that is good enough.

People complain about how slow it is and how it stops working in a few months.
There isn’t many choices out there. Seagate. Western Digits, Toshiba, and nothing much else. HDD is indeed slow, but it is still the most cost efficient way to store lots of data.
For me personally, if you worry a bit more about data safety, buy hard drive that is designed for NAS or enterprise HDD. They have the design that can make sure hard drive reliability reaches certain level with 24*7 operation in mind. Overkill for sure, but those are higher quality than a $100 USB hard drive you can get from Best Buy or Amazon, given equal capacity.
 
If you had to recommend a 2-4 TB HHD, which one would you recommend? When I read the Amazon comments, it almost seems that there are no HHD that is good enough.

People complain about how slow it is and how it stops working in a few months.

For speed ranking:
1. NVME SSD
2. SATA SSD
3. HDD
4. Cloud drive (Cloud services use HDD in their datawarehouse, so speed will be limited by your Internet connection speed)

I would go for a HDD of enterprise class (those are used in the datawarehouse), with long-time warranty (5 years). I purchase a WD Gold 8TB 2 years ago, still have 3 years of warranty and smooth operation 24/7.

If you already have a fast Internet Connection and small volume of data (<2TB), using cloud service is cheaper than purchase your own HDD and worry about its data integrity.
 
I looked for Enterprise HDD in Amazon and I found this: https://www.amazon.com/Gold-Enterpr...enterprise+hdd+external&qid=1594286472&sr=8-9

It's internal. Would I have to buy a case for this to make it external? How much would that cost?

This one, maybe


or this one:

 
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