How fast can a bicycle go? Say 250m in 10 sec maybe? That is 90km/hr already.
At that speed, it is only 100 count/sec. Say you declare your count as long integer (0-65536), that is 2-byte. At this speed, you only require to transmit 200 byte/sec.
UART with baud rate of 57600, that is about 5000 byte/sec.
You use interrupt to sense the rotation, once receive, the interrupt calls and initiate UART. If you use 10mhz crystal, you have 25000 instruction cycle between interrupt (assuming at 100 count/sec).
That is more than enough if you ask me.