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ch12_mining.adoc
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@ -99,7 +99,7 @@ consensus.
=== Bitcoin Economics and Currency Creation
Bitcoin are minted during the creation of each block at a
Bitcoin are ((("bitcoins", "mining", "currency creation", id="bitcoin-mining-create")))((("mining", "currency creation", id="mining-create")))((("currency creation", id="currency-create")))((("Bitcoin", "economics of", id="bitcoin-economics")))((("economics of Bitcoin", id="economics")))minted during the creation of each block at a
fixed and diminishing rate. Each block, generated on average every 10
minutes, contains entirely new bitcoins, created from nothing. Every
210,000 blocks, or approximately every four years, the currency issuance
@ -159,7 +159,7 @@ Total BTC to ever be created: 2099999997690000 Satoshis
The finite and diminishing issuance creates a fixed monetary supply that
resists inflation. Unlike a fiat currency, which can be printed in
infinite numbers by a central bank, no individual party has the ability
to inflate the supply of bitcoin.
to inflate the supply of ((("bitcoins", "mining", "currency creation", startref="bitcoin-mining-create")))((("mining", "currency creation", startref="mining-create")))((("currency creation", startref="currency-create")))bitcoin.
.Deflationary Money
****
@ -196,7 +196,7 @@ at the expense of savers.
It remains to be seen whether the deflationary aspect of the currency is
a problem when it is not driven by rapid economic retraction, or an
advantage because the protection from inflation and debasement
outweighs the risks of deflation.
outweighs the risks of((("Bitcoin", "economics of", startref="bitcoin-economics")))((("economics of Bitcoin", startref="economics"))) deflation.
****
=== Decentralized Consensus