What is binaural recording?
Binaural recording is a special type of stereo recording that uses two microphones placed inside of each ear.
This type of recording provides the truest spatial quality and sensitivity of sound because the microphones are placed in the same location of the received sound and closely mimic your ears. When you play a binaural recording back, it sounds like you are actually in the location where the sound was recorded.
Once recorded, the binaural effect can only be reproduced using stereo earphones. You can still listen to the audio in mono or through stereo speakers of course, but you will lose the binaural effect.