On the mp3 you get less frequency response, because wav files are typically 44 kHz or 48 kHz, while mp3s are 32 kHz basically the treble doesn’t get as high and the bass doesn’t get as low, as for the number bits, it’s really hard to hear much of a difference in my opinion, 16 bit is good enough for most people
The effect of playing it over Bluetooth entirely depends on what quality your device supports sending via Bluetooth and and what the headphones can receive
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