Why is dot product also projection times magnitude?

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Can someone explain why is dot product is defined as projection * magnitude. Instead only projection. Also, why is a projection to the axis to the change of basis written: $$\dfrac{\vec{b}*\vec{v}}{||v||^2}$$ Instead of $$\dfrac{\vec{b}*\vec{v}}{||v||}$$ I know that it doesn't work, but why not isn't that scalar projection. Can someone tell me what is wrong with my reasoning. Thanks in advance!