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As we know parallel transmission is faster then serial then why serial is replacing parallel?

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There is a greater risk of errors with parallel transmission because especially over longer distances, the bits may arrive at the destination at different times and therefore corrupting the data. Because serial transmission sends each bit one at a time, they always are received in order.
Speed of transmission is not always the driving priority, if the information cannot be reliably transferred to the destination all the speed in the universe is useless.
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