Can you break down RSS Feeds in Blogging?

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Can someone please break down RSS feeds for those of us who are less knowledgeable on the subject and how it applies to blogging. Are you using RSS Feeds for your blog and how does this affect the number of visitors to your site. I have heard it increases traffic to your site but wondering how.. I know you can set this up in blogger and would like to start using it for my blog, knowing how it works may help to maximise the results so some advice will be great!:)