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The committee considered an eight-bit code, since eight bits ( octets ) would allow two four-bit patterns to efficiently encode two digits with binary coded decimal.
However, it would require all data transmission to send eight bits when seven could suffice.
The committee voted to use a seven-bit code to minimize costs associated with data transmission.
Since perforated tape at the time could record eight bits in one position, it also allowed for a parity bit for error checking if desired.
Eight-bit machines ( with octets as the native data type ) that did not use parity checking typically set the eighth bit to 0.

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