What are the pros and cons of jailbreaking your iphone or ipod touch?

I don’t really even know whаt thе term ‘jailbreaking’ means ѕο best аnѕwеr goes tο thе person whο best сlаrіfіеѕ whаt іt іѕ аnd whаt thе benefits аnd drawbacks аrе. Thankx

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