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It may make more sense to think of the force as the tangent of the circle path being the actual path of the water and bucket. By tethering it to the string you’re redirecting that force to varying levels of efficiency mostly depending on how balanced the weight distribution is on the other side.

Another common comparison I’ve heard is how the space station is experiencing the vast majority of gravity that we all are, the only difference is that they’re moving so quickly along their orbital path that they “miss” the earth with their free-fall path.