Is it ok to use old TC as a hard drive

I recently bought the newest 2 TB TC and I was wondering if it would advisable to use old 1 TB TC as an external hard drive?
From what I've read the avg life of a TC is around 3-5 years.  I plan on using most of the storage for making home movies and possibly making iTunes wirelessly accessible.  I just fear putting home movies on something that I don't plan to back up.  It seems that people have a HD to back up a HD that backs up another HD or they are constantly purchasing a new hard drive.
In your opinion what is the best way to go about storing home movies/itunes?  Use the 2TB as back up to mac and the old 1 TB?  HELP!

Which model TC is it? 1tb can be Gen1, 2 or 3.
I would definitely discourage any use of it other than ebay for gen1 and 2. They are now 5years or more old and simply out of time.
The Gen3 is a lot faster and more solid .. but using a lower grade hard disk. Samsung Spinpoint.
You can open the Gen3 and put a 3TB drive in there and it will make it a fairly useful box.
BUT apple designed it so it is hard to backup. You do still need to have files backed up and if you move iTunes to a TC disk it is not so easy to backup and slow.. it has to be worked out. Not impossible to fix but it has an issue.. since Apple designed the TC for Time Machine and nothing else. Hence they built it without backup.
A proper NAS is the best.. look at Synology/QNAP for the top brands, but the all in one types like WD MyCloud are worth a look. They have a lot more tools and apps.. including media servers. Apple builds the TC with no apps and no ability to add them.. it manages SMB and AFP to store files.. and nothing more.
It seems that people have a HD to back up a HD that backs up another HD or they are constantly purchasing a new hard drive.
Drives are cheap.. your photo collection is a bunch of tiny magnetic variations on an aluminium plate. One tiny corruption away from destruction.. so think of backups as keeping the negatives.. you can then reprint the photos. And having a spare backup in a relatives house.. offers some security against fire and theft. It is no silly idea. If you keep priceless stuff.. like photos.. which might have a material value of very little.. on a few different locations it makes good sense..
I plan on using most of the storage for making home movies and possibly making iTunes wirelessly accessible.
Unfortunately iTunes is merely a library.. and the TC cannot serve it.. using wireless to access the library.. yes.. ok.. but for movies streaming over wireless you can have issues.. especially if the library is being played to another location.. Apple did not make iTunes flexible enough.. you must still have a computer running. And if you stream from the computer to somewhere else.. all being done over wireless the stream is going in two directions.. TC--Computer.. Computer--TC.. TC--Target (eg AppleTV). This is not going to work well unless you have some ethernet in there.
In your opinion what is the best way to go about storing home movies/itunes?
Use a Mac Mini with a very large hard disk as home server for itunes.
See iTunes: How to share music and video - Apple Support
And follow and read all the links.

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