Make no mistake; TrueCrypt is one of the most popular freeware alternatives to BitLocker for whole-disk encryption. You can protect all of your drives with high-grade AES and Blowfish encryption schemes, prevent pesky snoops from peeking inside files and even incorporate highly secure boot-strapping. If you are extra paranoid, TrueCrypt can even create a dummy partition with a separate key you can divulge under duress, keeping your confidential partition from ever seeing the light of day. As an added bonus, TrueCrypt is multi-platform and not simply limited to Windows machines.
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