About the only use I can recall is for when folks added a second HD the master would always be the boot drive. Later, BIOS were made to allow selection but earlier BIOS had limits. Floppies were always first and the master HD was second. One couldn't boot the slave. As well, the BIOS wouldn't recognize and configure drives without the jumpers set properly. Later IDE drives could have the master/slave relationship determined by the cable but, basically, the purpose seemed to be to establish boot priority.
What is the purpose of a master configuration and a slave configuration on a IDE hard drive and what are the differences

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