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Audacity is constantly updated.
Audacity is available for free on Windows, Mac OS, and Linux with source code available here.
Audacity uses destructive editing, meaning applying effects, cutting, etc is non-reversable after you've saved a project.
Users are unable to change effects in real time with Audacity. If effects are to be changed, no sound can be playing or recording.
Audacity doesn't have the capabilities of popular DAWs and generally isn't considered to be good option.
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