Footer is important part of the website and needs to change as per the website rules as well as policies. Although only copyright content is written there but some also adds link there that might needed to change as well. Below given steps are step by step information for changing the Footer Content in Magento
There are also other option in the Magento if theme is configured on custom basis on which you can make changes from the following file.
You can check by going to:-
..app/design/frontend/<package>/<theme>/template/page/html/footer.phtml
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