"Clip" is a short word. "Magazine" is a long world. Given a choice, people will always favor the use of a short word over a long word. To most people "clip" simply means something that holds the bullets.
Clip is shorter than magazine, yet mag, while syllabically on par with clip, is shorter than clip by letter count. Some semantic anachronisms are a hard habit to break. When's the last time you purchased Tin Foil? When's the last time you said it? Gen pop ignorance and linguistic laziness brought us here.
I still "dial" my phone. Haven't had a "dial" phone in... 40, 50 years? Back before we could own our phones. Yea, remember that, anyone?
Has it been that long? I still used one in the 90s.
Touché! And speaking of, when's the last time you heard a phone "ring?"
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