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Figure 8-1. Supply of bitcoin currency over time based on a geometrically decreasing issuance rate The finite and diminishing issuance creates a fixed monetary supply that resists infla‐ tion. Unlike a fiat currency, which can be printed in infinite numbers by a central bank, bitcoin can never be inflated by printing. Deflationary Money The most important and debated consequence of a fixed and diminishing monetary issuance is that the currency will tend to be inherently deflationary. Deflation is the phenomenon of appreciation of value due to a mismatch in supply and demand that drives up the value (and exchange rate) of a currency. The opposite of inflation, price deflation means that the money has more purchasing power over time. Many economists argue that a deflationary economy is a disaster that should be avoided at all costs. That is because in a period of rapid deflation people will tend to hoard money instead of spending it, hoping that prices will fall. Such a phenomenon unfolded during Japan’s “Lost Decade”, when a complete collapse of demand pushed the currency into a deflationary spiral. Bitcoin experts argue that deflation is not bad per se. Rather, deflation is associated with a collapse in demand because that is the only example of deflation we have to study. In a fiat currency with the possibility of unlimited printing, it is very difficult to enter a deflationary spiral unless there is a complete collapse in demand and an unwillingness 180 | Chapter 8: Mining and ConsensusPDF Image | Mastering Bitcoin
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