Accepting cookies is basically you telling the site “I’m okay with you remembering things about my time on this site.” If third party cookies are included, then you’re also saying “I’m okay with every embedded website remembering things about my time on this site.”
Rejecting cookies basically means “I don’t want any of you to remember this. Next time I come to this site, treat me like a completely new user.”
You’re given the choice because advertisers were caught using third party cookies to profile users for targeted advertising, and lawmakers decided that they shouldn’t be doing that without those users’ consent. Thus, all websites are required to offer the option to accept or reject cookies. Of course, advertisers had already developed new methods for tracking users, so it didn’t really accomplish much.
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