Cookies are chunks of data that a website saves on your computer.
Rejecting them means the website is told ‘no’ to saving anything. Which means you (usually) can’t log in or change any settings or have the website remember which pages you visit or what you put in your shopping cart (etc).
Accepting them lets the website function as it wants to (and also let data trackers know some data about you, which is usually used for targeted ads and similar profiling).
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