Enabling WEP (128 bit) have any effect on WLAN speed?

[ithehappy]

I used to use my Netgear router with open (no security) Wireless settings for past 4/5 years, suddenly today I changed my mind, when I saw when all my gadgets were off, router was blinking very fast, so I understood my arsehole neighbour was doing his job, so I turned on WEP encryption (128 bit) and it gave me that lengthy key, which I had to provide in my lappy, phone and TV to reconnect them wirelessly to my router. But since then I am noticing very low download speed, (in uTorrent), so I can't confirm anything as it depends on Seeds and all. Could anyone say that does enabling WEP have any effect on WLAN speed?
Also 64 bit/128 bit, how do they differ?

Thanks.

*i.imgur.com/92GrwzN.jpg

 

[dashing.sujay]

Wep can be hacked within hours/mins. Use WPA 2 personal with AES and a strong pass.

And no, encryption has got no relation with speed.

Higher the bit, stronger the encryption.

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PS: 4-5 years of open wifi. I wish I get a chance like this. Will have to buy several HDDs.

 

[ithehappy]

Thanks Sujay. My speeds are back up.
Btw, WPA2 and all that, you mean the fourth option from above? Not really into this technical stuffs

Yeah, I know, used open connection for pretty long I guess, my friends asked me repeatedly to make it secured, didn't bother until today, didn't have to, cause it's unlimited and all, but when all your bandwith goes for use to some idiot, well, feeling sad for him

 

[dashing.sujay]

^yes fourth option.

 

[ithehappy]

Thanks. Have done it.