From Wikipedia, the free encyclopedia
Linux is a family of open source Unix-like operating systems based on the Linux kernel, an operating system kernel first released on September 17, 1991 by Linus Torvalds. Linux is typically packaged in a Linux distribution (or distro for short).
Distributions include the Linux kernel and supporting system software and libraries, many of which are provided by the GNU Project. Many Linux distributions use the word “Linux” in their name, but the Free Software Foundation uses the name GNU/Linux to emphasize the importance of GNU software, causing some controversy.
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Security patches make their way to point release distros as well. You only miss features.
Not all security patches do actually make their way. Some are missed. But also latest releases may have new trivial security bugs (like latest apache httpd).
True but usually it takes much longer to get them.