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In short, yes. Technically, it's a confusion of terms; Megapixel refers to the resolution, whereas I.P. refers to the method by which the video is transmitted to a DVR (Digital Video Recorder). That being said, it's a common misconception that all I.P Cameras are "Megapixel" cameras, when I.P. camera resolutions span a wide range of quality. When selecting I.P. cameras, be sure to inquire the specific resolution they transmit at.
See Also: Difference Between Hybrid and True Hybrid
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