TFVC is the traditional and centralized way of implementing version control, where there's a central repository and developers work on it directly in connected mode to check-in their changes. If the central repository is offline or unavailable, developers can't check-in their code and have to wait for it to be online and available. Other developers can see only the checked-in code. Developers can group multiple changes into a single change set for checking-in code changes that are logically grouped to form a single change. TFVC locks the code files that are undergoing edits. Other developers can read the locked-up file, but they can't edit it. They must wait for the prior edit to complete and release the lock before they can edit. The history of check-ins and changes is maintained on the central repository, while the developers have the working copy of the files but not the history.
TFVC works very well with large teams that are working on the same projects. This enables control over the source code at a central location. It also works best for long duration projects since the history can be managed at a central location. TFVC has no issues working with large and binary files.