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is a capacitor deployed at the supply rails with the main function of filtering AC transitions on a DC signal.

Bypass capacitors are deployed at the supply rails with the main function of filtering AC transitions on a DC signal, in order to get a pure DC signal on the input.

Further reading

... or watching

EEVblog #859 - Bypass Capacitor Tutorial

w2aew #257: Power Supply Decoupling & Filtering: why we use multiple caps in different locations (experiment video)