You risk having an unexpected explosion or a circuit fire if you use the wrong type of capacitor just as much as if you use one of too low a voltage rating for the particular end-application You can replace a low-voltage capacitor for one of the same microfarads size only if the "type of construction" of the replacement capacitor is the same as the original AND the rated voltage is equal to or higher than that of the the original In other words if the original is a "non-electrolytic" type - meaning that the insulation between the plates is plain paper or plastic and not a chemical compound - the replacement capacitor must also be a "non-electrolytic" type, even if the rated voltage is higher If the insulation between the plates is "electrolytic" the replacement capacitor must also be "electrolytic", even if the rated voltage is higher The technical reason for having to use exactly the same type when a replacement has to be made is to make sure that only a non-electrolytic will be used if the circuit carries high-voltage ac (alternating current), because an electrolytic type will not be suitable, or safe, to use in that situation Electrolytic types are much smaller than equivalent-sized non-electrolytics - which is very handy for miniature products. But electrolytics can only be used on dc (direct current) circuits which carry ac "signal" currents - and hence voltages - which are tiny in comparison with the standing dc voltage.
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