Hashtags are a community-driven convention for adding additional context and metadata to your tweets. They're like tags on Flickr, only added inline to your post. You create a hashtag simply by prefixing a word with a hash symbol: #hashtag.
Hashtags were developed as a means to create "groupings" on Twitter, without having to change the basic service. The hash symbol is a convention borrowed primarily from IRC channels, and later from Jaiku's channels.
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