Can someone explain the HTTP proxy meaning and how it works in simple terms?

Hey everyone,
I’ve been hearing a lot about HTTP proxy meaning lately, but I’m still kinda confused. Can someone break it down for me in simple terms? Like, what *is* it exactly and how does it even work?

From what I gather, it’s something that sits between my browser and the internet, but I’m not sure why I’d need it or how it helps. Does it just hide my IP or is there more to it?

Also, does it slow things down or make stuff faster? I’m not super techy, so pls keep it simple lol.

Thanks in advance! 🙏