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by lottin 1619 days ago
This is a misunderstanding of how the money supply works. Central banks have a legal monopoly on the issuance of currency, but they don't have complete control about the money supply, because commercial banks also create money via fractional reserves. Over 80% of the money in circulation is created in this way by commercial banks. And this applies to bitcoin as well. Crypto-exchanges can expand the supply of any crypto-currency by creating deposits that aren't fully backed with reserves. The idea that no one can expand the supply of bitcoins beyond 21 million is a nothing but fairy tale.