If you're here I assume you already know what this does, but basically it keeps the screws from loosening solve yourself. The blue color is not permanent, which means that if you need to adjust or remove this screw, you can remove it with enough force. The red version is meant to be permanent and is VERY difficult to get out. For most uses like pocket knives or small cars you want blue because it holds screws very well, I personally have never seen it fail. It is also possible to remove and maintain the object later, e.g. to lubricate the blade axis, etc. It comes in a small tube that looks like a glue stick. This is the best way to get Loctite as it's easy to carry and the perfect size to get a little bit of the screw. You can just lower the screw and get exactly what you need instead of squashing too much soil and wasting it like some other bins. Not much to say here, if you want the screws to stay in place until you manually loosen them buy this.
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