How does balanced XLR work?

Related questions

1. Are XLR cables better than RCA?
2. What XLR means?
3. Is TRS or XLR better?
4. What is XLR audio?
5. Does XLR cable length matter?
6. Will condenser mic work without phantom power?
7. What does balanced XLR mean?
8. Can you convert RCA to XLR?
9. Does phantom power only work with XLR?
10. Is there a difference between XLR cables?

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5. #ground
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8. #designed
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10. #standard
11. #balanced
12. #allowing
13. #signals
14. #signal
15. #canceled
16. #inversion
17. #noise
18. #connectors