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First, is there a way to convert low bit rate mp3s to higher bitrate mp3s? I don't think so, but I am hopeful. Most of my music is at like 128 or 160, and it just sounds mediocre on premium speakers.

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Sadly you can't get something for nothing. When you convert from a high bitrate to a low bitrate you lose information and that info cannot be regained. I'm no expert but that is the way I understand it.

I suppose you could technically convert from 128 bit to a higher bitrate but it certainly won't sound any better.