I refer to them as paperback or hardcover. I don't lump the two together unless I'm lumping all formats together.
When I say I'm reading a book, I mean the actual content. If I say I'm reading it on paperback, hardcover or my kindle or kobo I'm then referring to the medium.
I don't actually talk about the medium alot. In most conversations when you're talking about a book, you're talking about the actual content and not fetishizing format.
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