title: How password protection of Excel VBA code works?
body: <p>This question is related to <a href="https://stackoverflow.com/questions/259663/vba-password-protection-how-it-works-is-it-secure-are-there-any-alternatives">my previous one</a>.</p>
  
  <p>Can you explain or provide a link to an explanation of how Excel VBA code password protection actually works in versions prior to 2007? What is the difference in Excel 2007 and previous versions in terms of password protection?</p>
  
  <p>Also does Excel's password protection actually encrypt the code? How does Excel execute the code if it is encrypted?</p>
  
  <p>Lastly, how does password removal software for excel work?</p>