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Storage space may not appear to be a concern initially, but with ten or twenty years of photos, it can become a problem. Most importantly, be sure to have backups of all files. You can easily lose years of memories in an instant with a crash of the hard drive.
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All photos should be stored by date and description. Because digital photography is relatively new, it is not known for sure yet what media is best for long-term archiving. For now, three copies should suffice: one on the hard drive, one on an external backup and a final one on some type of removable media, as in CD ROM.