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I did it for a year. Color looked the same to me.
I believe it helps prevent dandruff.
It never damaged my color at all.
It would be cold. You need to use warm water. What I did when I did this for a year is fill a small jar with baking soda and put a spoonful of it into a squirt bottle before my shower, and then add the water in the shower and shake it up before applying.