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Some editors choke on long lines. A binary file can have long stretches without newline.

A text file only contains data that represents characters on the screen, while “binary file” is used to refer to any other file that isn’t meant to be viewed or edited as text.

If you open a (small) image file with notepad you will see a lot of gibberish. This is what happens when you try to view a binary (in other words, non-text) file as text.

For most intents and purposes, yes.