Economics

Supply, fees, halvings: bitcoin's money rules.

• The 21 million cap

  Bitcoin's supply cap: there will never be more than 21 million coins.

• The halving

  Every four years, the flow of new bitcoin is cut in half. Permanently.

• Block reward

  What miners earn for sealing a block: brand-new bitcoin plus everyone's fees.

• Fees

  What you pay miners to include your transaction — an open auction for block space.

• Monetary policy

  Bitcoin's money rules are fixed software, not committee decisions.

• "Digital gold"
• Store of value
• Unit bias