Comment: The first thing

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The first thing

to understand about Bitcoin is nobody determines anything. All the rules have been pre-determined. If somebody changes something now, like how many coins there are, it is no longer Bitcoin. It's something else. The network (made up of all Bitcoin users) continually validates which coins are valid Bitcoins, the ones that adhere to the determined rules. It is mathematically impossible to create a fake or counterfeit bitcoin, one that doesn't follow the network's rules.

The block reward is how bitcoins come into existence. Bitcoins enter the money supply by "miners" which are computers that solve a hard mathematical problem. The difficulty of the problem is automatically adjusted such that the rate of bitcoin creation follows a pre-determined rate.

From the start of Bitcoin in 2009 until recently (a few days ago) the block reward was 50 coins per block. On average miners find a block approximately every 10 minutes; that means about 7K new bitcoins come into existence every 24 hours.

The block reward is now 25 coins per block. It halves approximately every 4 years, making Bitcoin a deflationary currency, as opposed to an inflationary one.