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The protoboard and wire approach can not produce in large scale.
If you're building some one-off thing for yourself or just
building a prototype, it will be no problem. But if you're
building something that you want hundreds of, you will want
to use a PCB.
PCBs have lower parasitic inductance and capacitance
than a breadboard.
And impedance can be controlled for high frequency signals.
Circuit density can usually be higher.
The advantages of a PCB is when you're working with higher
frequencies, especially up in the RF range, where you start
having to worry about crosstalk or inductive coupling, noise,
etc., and minute changes in impedance and capacitance become
critical factors. In those cases, it's probably easier to
build a PCB that takes those things into account.
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