Thursday, December 5, 2019

Bitcoin is undergoing deflation, not inflation.

I understand that this is obvious to some, if I had a bitcoin for every time someone mixed this up, well I’d be rich.

Last night I wrote my first entry, Bitcoin boon, and as a result I noticed that a lot of people seem to think that bitcoin is undergoing massive inflation. Merriam Webster defines inflation as: a continual increase in the price of goods and services. Quite the opposite has been true of bitcoin lately. What cost 10 bitcoins a week ago costs 1 bitcoin today.

The more you know!
Photo credit: Family Guy

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