The abbreviation 'bps' stands for bits per second, not Bytes per second. This is an essential distinction since a Byte consists of 8 bits, and thus the measurement in 'bps' will always be smaller in numerical value compared to 'Bps' (Bytes per second) for the same data transfer rate. Understanding that 'bps' measures bits, the smallest unit of data, helps prevent overestimating the speed of a data transfer. The correct abbreviation for Bytes per second is 'Bps', with the uppercase 'B' signifying Bytes, whereas the lowercase 'b' in 'bps' signifies bits.