My Philips 242m8 came with the HDMI cable only, are there any noticeable differences if I use a DP cable instead?
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If you already have an HDMI cable and it works, then use it. There is zero reason to switch to DP, unless you find yourself wanting one of the features that is exclusive to DP (like daisy chaining monitors or Gsync). Otherwise, buying a DP cable would be nothing more than a waste of your money.