Dad: Son, what does m/44'|48'|84'/0'/0' mean?

Son: Hi Dad,

It's a "derivation path" and it describes how your Hierarchical Deterministic (HD) wallet derive a specific key within a tree of keys.

For example, if you want to get the next address from a wallet, it just increases the last number by one.

Dad: So this means that all receiving addresses are already known when the wallet is created?

Son: All receiving addresses, all change addresses, all accounts and much more are known from the beginning. Everything is derived from your 12 or 24 seed words using a derivation path.

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