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Furthermore, exFAT uses only a single File Allocation Table unlike the redundancies present in NTFS and FAT32, so if that gets corrupt, you have no backup. For an external removable drive? exFAT.
As it turns out, exFAT stands for "Extensible File Allocation Table" and strikes a good balance by providing features found in NTFS, but without the file size limitations that come with FAT32.
FAT stands for File Allocation Table, a term that describes what it does: maintains a table of each file's space allocation.