'bps' stands for bits per second, the standard unit of measurement for data transmission speeds in networking. It is the smallest unit of data, so it sets the base for measuring how fast data is transmitted over a network. The other answers either use the wrong unit of measurement (bytes instead of bits) or incorrectly suggest that 'bps' stands for a storage measurement which is not related to data transmission speed.
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What is a bit and how does it relate to data transmission?