Firefox allows you to set up different browsing profiles, each with different extensions and settings.
I'll quickly explain how to use profiles in Firefox on Linux, and if you want information on how use Firefox profiles in Windows, check out Mozillazine.org's Firefox Profile Manager page.
To open the Profile Manager is Linux, type firefox -ProfileManager in a terminal. You can manage your profiles there. If you want to see the Profile Manager every time you start Firefox, then uncheck the box that says "Don't ask at startup".
To launch Firefox with a specific profile, use firefox -P "ProfileName" (substituting ProfileName with your actual profile name).
You can make desktop shortcuts or taskbar shortcuts to launch Firefox with different profiles. If you are in GNOME (I'm testing this on Ubuntu), right click on the desktop or taskbar. Choose "Create Launcher". Fill out the dialog that opens, using the command to open firefox with a specific profile: firefox -P "ProfileName". When you click on that launcher Firefox will open with a specific profile.
What are profiles good for? If you are a Firefox extension addict and you like to add so many extensions that your browser isn't running fast anymore, you can split your extensions into different profiles. Maybe make one profile for general browsing, and one for extension experimentation. You can run multiple Firefox windows with different profiles if you need to. If extension overload is slowing down Firefox, using multiple profiles may fix it.
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