Molecular communication has recently gained a lot of interest due to its potential to enable micro-implants to communicate by releasing molecules into the bloodstream. In this paper, we aim to explore the molecular communication channel through theoretical and empirical modeling in order to achieve a better understanding of its characteristics, which tend to be more complex in practice than traditional wireless and wired channels. Our study reveals two key new characteristics that have been overlooked by past work. Specifically, the molecular communication channel exhibits non-causal inter-symbol-interference and a long delay spread, that extends beyond the channel coherence time, which limit decoding performance. To address this, we design, μ-Link a molecular communication protocol and decoder that accounts for these new insights. We build a testbed to experimentally validate our findings and show that μ-Link can improve the achievable data rates with significantly lower bit error rates.