A non-technical and simple explanation you need to know about the difference between 32-bit and 64-bit audio plugins is that 64-bit audio plugins provide better performance compared to 32-bit audio plugins. 64-bit plugins can access huge amounts of primary memory, whilst 32-bit audio plugins are limited to a range of 4 GB of random access memory.

Another thing worthy to mention (although it should be common sense) is on a 64-bit machine you can run both 64-bit and 32-bit audio plugins. But you can't run 64-bit plugins on a 32-bit machine (computer). So if DAW performance is of essence to you then 64-bit plugins are the way to go. Nevertheless, most computers these days are pretty much equipped with 64-bit operating systems right from the box anyways.
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