Does encryption slow down external HD?

Hello,
I just got my 3TB external HD delivered, I'm mainly going to use it for movie and photo storage and a Time Machine backup. Nothing spectacular.
It's currently FAT formatted, so obviously I want to reformat it.
Which one should I chose:
- Mac OS Extended (Journaled)
- Mac OS Extended (Journaled, Encrypted)
Questions:
1. Is writing on a Mac OS Extended (Journaled, Encrypted) formatted external HDslower than on a Mac OS Extened (Journaled) formatted external HD?
2. Should I only encrypt the whole external HD when formatting, only the Time Machine, or both?
I tried, but couldn't find any hard data on this on the internet.
Thanks in advance.

Should I decide to encrypt:
Should I only encrypt the whole external HD when formatting, only the Time Machine, or both?

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