-Can i update firefox portable directly from inside the program or do i need to download the latest version every time, and migrate my data there?
-Also if i change the name of the folder will it create a mess? I mean lets say the Folder is called FirefoxPortable, and i change it to FirefoxPortable20. Will everything still be the same?
It is recommended you use the PortableApps.com Platform and let it update Firefox Portable for you. It happens automatically. If you want to run it without the platform, it is recommended you update by downloading the new version from PortableApps.com and do an in-place upgrade by running the new installer and having it install over itself. The built-in Firefox updater will work and won't leave any files behind but will not update the portable component, the FirefoxPortable.exe launcher, so you won't get the additional bug-fixes there.
Renaming the folder is fine but will prevent it from working with the PA.c Platform updater. It's a trick designed for people who want to be able to stick with a specific version of an app.
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I just did an update from inside the program and seems to work fine. Do i need to download the latest version and let it install over it so i can have the full effect going on? Will i lose any profiles, settngs addon information by letting installing over it?