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I'm setting up Time Machine backups on a new external hard disk.

I chose to first encrypt the disk via Disk Utility:

But I also see these options:

Is there any difference between an "Encrypted" format via Disk Utility and selecting "Encrypt backups" in the Time Machine preferences? What happens if I do both? Or if I encrypt with Disk Utility, but then don't select "Encrypt backups"?

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Aha! The answer comes when you try to deselect the "Encrypt backups" option:

So it appears they are one and the same.

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