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Picture and document versioning saves a backup copy of a file each time the file is saved to a library. This feature is useful if you want to keep a history of changes to a file or if you need to restore a file to a previous version because of unwanted changes.
Note When a file is deleted all, previous versions are deleted as well.
If the information stored in your library is valuable to you or your team, it's recommended that you turn on versioning. However, when turned on, versioning requires much more storage space on the Web server. If Web server disk space is low or the files stored in the library are not critical or are backed up by using another means, you should not turn on versioning.
With versioning you can do the following:
By default, picture and document versioning is turned off for the Shared Documents library that is created for each site. When you create a new library, you have the option of turning on versioning. This means that you can turn on versioning for libraries that store important information and turn off this feature for libraries that don't need versioning.