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by shawabawa3 4806 days ago
> particularly its deflationary nature.

As far as I can tell, there's no real reason it has to stay deflationary.

At some point there could be a consensus that inflation would be good for bitcoin and they could patch the client to start increasing the new bitcoins per block.

tbh I don't know why it isn't inflationary, if it was you could remove/reduce transaction fees as miners would always have an incentive

1 comments

At some point there could be a consensus

In theory there could.

In practice, the vast majority of the bitcoin users are speculators, and will fight tooth-and-nail against changing away from being deflationary.

Bitcoin users don't call the shots; they have no say whatsoever. Bitcoin miners control the network. What matters for them is their return on mining in BTC, and the exchange rate to their local currency to pay their capital expenses and electricity bills.

If the miners think that they'll get more value out of the system by creating new coins forever, they'll make the change. They have to be careful not to destroy confidence in the system; this will be part of their value assessment.

Confidence in the system is more or less exactly the say of the users.