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With using 5k footage, it is a must that I create proxies to get smooth playback? Or is there another way around without taking down the quality
your not taking down the quality when working with proxies except while you're actually editing... Or do you understand that? Not clear from your post. When you export your timeline when you're using proxies, you always are going back to your camera original footage for your output. I always use proxies if I'm working with 4k multicam material and it's a lifesaver.
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In most high end workflows it's very common to use proxies, yes. Even on high end computers. 5K is still quite big as far as a video workflow is concerned. The codec and bitrate, depth, etc. are important factors to performance, but with 5k I'm going to assume that whatever it is, it's going to be taxing to your hardware.
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Hard for anyone to answer without detailed hardware and operating system information
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your not taking down the quality when working with proxies except while you're actually editing... Or do you understand that? Not clear from your post. When you export your timeline when you're using proxies, you always are going back to your camera original footage for your output. I always use proxies if I'm working with 4k multicam material and it's a lifesaver.
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Yep - mgrendadier is right. Assuming you're shooting HQ footage, you are holding onto a lot of data that is to be used later in the post-production process; for color grading and VFX, for example. There's no reason to be holding on to all that information during the editorial process. You set it all down (with proxies), get your edit in order, then bring it back when you're actually going to need it.
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Some systems can edit 5K. What are your systems specs?