How to use dd (Linux copy tool) with progress indicator

dd, the ubiquitous copy tool of Unix/Linux, now comes in with a decent built-in progress indicator.
You can run it by the command-line option: status=progress
Example:

dd status=progress if=/dev/sda of=/dev/sdb

Notice how I didn’t add the bs option and used the default. In my experiences the default works best.
Tested on: Ubuntu