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What is the point of a borderless fullscreen window?

Quite a lot of game allow user to play in a "borderless fullscreen window" instead of a "fullscreen mode". I've been wondering. Why would one prefer a fullscreen window over the "built-in" fullscreen mode?

Simple test of my own showed me, that using fullscreen mode instead yields better performance. I also tried to search on Google and on SO, but most answers are gaming related or on how to actually create those windows in API X,Y or Z.

So what is the point of having a borderless fullscreen window? Are there any technical reasons?