It means not aiming in, say if you are next to someone and you kill them while using the crosshairs rather than the sight, that is hip firing!
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It is when you kill an enemy player without aiming down you sights.
Hipfire is when you doing Aim down sights (ADS) of a gun to shoot.
It's a kill when you don't aim or zoom in and you just shoot and kill the person.
Steady Aim Pro increases hip fire accuracy + longer hold breath duration