ELI5 Hypnosis - is it real and how does it work?

What is hypnosis capable of? Can anyone be hypnotized? Are there certain people who are more susceptible to it? Are there any potential dangers or side effects associated with hypnosis? How is hypnosis induced? Can someone put themselves into hypnosis? Can hypnosis be used to control or manipulate people against their will?

... we explain like I'm five

Thank you to the r/explainlikeimfive community and in particular the following users whose questions and comments formed the basis of this discussion: thelazyguy001, lindsaymurray, thetimeischow, omarwazhere, aikawa_kizuna, animalprofessor, solidgol and the_wandering_mind

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