It was artificial intelligence, more specifically its abbreviation “AI”. crowned As the 2023 Word of the Year in Collins Dictionary, one of the world’s premier English language dictionary publishers.
Collins Dictionary defines artificial intelligence as “the modeling of human mental functions by computer programs.” The dictionary’s editor described AI-powered language models as “entering the public consciousness” in late 2022.
He said that not only did artificial intelligence witness rapid development in 2023, but it was also “talked about a lot.” AI is considered “the next big technological revolution,” Collins wrote.
In addition to artificial intelligence, Collins took a particular interest in “digital culture” this year, putting on his list the word “de-influence,” which he defines as an influencer using his online presence to “warn followers to avoid certain commercial products, lifestyle, etc.”
Among her other words chosen for Word of the Year, Collins also had two related to finance. “Debanking” was included in the list, which its officials define as “the process of depriving a person of banking facilities.”
Collins claimed that the word entered the list after UK populist politician Nigel Farage claimed that Coutts Bank had tried to close his account because of his political affiliation. He wrote that:
“This issue was highlighted and many others subsequently came forward to complain of being bankrupt without explanation.”
Debanking has always been an issue associated with the cryptocurrency space. In April, US Republicans on the House Finance Committee argued that there was a record of a “coordinated strategy” to deny players in the digital assets sector access to banking facilities.
Recently, popular cryptocurrency exchange Binance faced issues with de-banking in Europe. The broker said that users with its local banking partner Paysafe will not be able to trade euro spot pairs from September 28.
Collins also added “greedy inflation” to his list of chosen words: a compound word containing the words “greed” and “inflation.” He defined this as using inflation as an excuse to raise prices to artificially high levels in order to increase corporate profits.
The UK-based dictionary said the UK’s current living crisis was driven by inflation and claims that many are convinced that “companies are making excessive increases to boost their profits, which is called greedy inflation.”
According to the US inflation calculator, the country is currently facing an inflation rate of 3.7%, which is higher than the expected rate of 3.6%, although much lower than the 2022 and 2021 rates of 6.7% and 7%, respectively.
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