A piped link is a link which is labeled differently from the name of the page it links to. This allows linking a word or phrase within the text of a page even if the wording does not exactly correspond with the name of the page being linked to.
For instance:
[[Help:Renaming a page|How to rename a page]]
will show: How to rename a page
The term piped refers to the use of the pipe character "|" used to separate the description from the actual page name.
Another example would be [[Help:Editing|editing]] rendering as editing. This is useful where the word editing is used in the middle of a sentence, like this one.
In most browsers you can still see the page name even when the description is different. To do this, move your cursor over the link and you will see the page name in a hover box and in the status bar (typically at the bottom of the page).
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