Unless we are talking millions of rows and table of size 500+mb, nothing 
happens - it will be very fast,

Normally when you start running alters on your table it will get locked for 
a while, but unless the table is really big you wont notice anything.

The performance of those operations depends on how much memory your system 
has and how mysql is configured, so i cant tell you exactly,
but lets say 50k rows is a small dataset.

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