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Also know, can I replace a capacitor with a higher capacitance?
You can almost always replace a capacitor with one of a higher voltage. This is the limiting factor of a capacitor due to dielectric breakdown voltages that the manufacturer chose. Varying capacitance gets a little trickier.
Thereof, can I replace a capacitor with lower voltage?
You absolutely should not replace an electrolytic capacitor with one of lower voltage rating. You'll likely end up putting more voltage on your replacement capacitor than it was designed to handle, which could cause a small explosion or a fire.
1 shows two capacitors — one with the crease and one without it. A good rule of thumb is to replace electrolytics every five to seven years. Older electrolytics may not explode but still cause squirrelly operation or poor audio response.