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Imagine there is a bidding smart contract and i have a maximum time limit set for it. How would i count time within this smart contract in cardano ? Can i get the slotIds and use that as proxy count of time or is there any other way to read time within cardano blockchain ?

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You can use either slots or regular time, see https://playground.plutus.iohkdev.io/doc/haddock/plutus-contract/html/Plutus-Contract.html#g:2

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