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Any down sides to using an encrypted fs?

I'm about to migrate from F23 to F24 and I'm thinking about finally using an encrypted filesystem. Problem is tons of questions come to mind, like:

  1. Are there any (noticeable) performance issues? I notice my day to day routine "causes" a lot of disk I/O, so...
  2. Are there any applications that are "incompatible" with an encrypted filesystem? How about backup apps (e.g. Back In Time)?
  3. How about copying from encrypted to unencrypted? Can I just cp something to a pendrive as usual, for an example?

Sorry that I'm putting more than one question in the same post, but I'm just unsure. Can anyone provide some good reading or some straight answers?