[{"data":1,"prerenderedAt":326},["ShallowReactive",2],{"api/learn-center-post-en-GB-inflationary-vs-deflationary-currencies":3,"en-gb/learn/crypto-trading/inflationary-vs-deflationary-currencies-en-GB-seo":57,"footer-en-GB":62,"navigation-en-GB-learn-center":235,"api/learn-categories-en-GB":286},{"seo":4,"locale":28,"breadcrumbs":29,"excerpt":37,"featuredImage":38,"components":39,"title":5,"formattedPublishedAt":50,"geofencings":51,"category":52,"pagination":54,"campaignExternalId":8},{"title":5,"metaTitle":6,"metaDescription":7,"keywords":8,"metaRobots":8,"structuredData":9,"metaImage":10,"metaSocial":18,"canonicalURL":8,"localizations":19},"Inflationary vs deflationary currencies","Inflationary vs deflationary currencies - Bitstamp Learn Center","The basic properties of some currencies make them lose value over time.  But why does this happen? Learn more about Inflationary vs deflationary currencies ",null,{},{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},"bitstampImageUrl/1920x1080px_illustrations_learningcenter_42svg_7768b6b4e5_9284f32321.svg","image/svg+xml",".svg",192,108,"1920x1080px_illustrations_learningcenter_42svg_7768b6b4e5.svg","",[],[20,23,26],{"pathname":21,"locale":22},"/learn/crypto-trading/inflationary-vs-deflationary-currencies/","en",{"pathname":24,"locale":25},"/es/learn/crypto-trading/inflationary-vs-deflationary-currencies/","es",{"pathname":27,"locale":28},"/en-gb/learn/crypto-trading/inflationary-vs-deflationary-currencies/","en-GB",[30,34],{"id":31,"text":32,"url":31,"asUrl":33},"/learn/crypto-trading/","Crypto trading",true,{"id":35,"text":5,"url":27,"asUrl":36},"inflationary-vs-deflationary-currencies",false,"\u003Cp>The basic properties of some currencies make them lose value over time. For these currencies, holding them long-term (or “HODLing,” as we say in crypto slang) invariably means you will end up with less than you started with. But why does this happen?\u003C/p>\n",{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},[40],{"component":41,"props":42,"content":43,"secondaryContent":47,"ctas":48,"secondaryCtas":49,"ctasNoMarginTop":36},"section.full-text",{"centered":36,"withoutSectionContainer":36},{"text":44,"width":45,"align":46},"\u003Cp>The basic properties of some currencies make them lose value over time. For these currencies, holding them long-term (or “HODLing,” as we say in crypto slang) invariably means you will end up with less than you started with. But why does this happen?\u003C/p>\n\u003Cp>There are two broad groups of currencies out there: \u003Cstrong>inflationary\u003C/strong> and \u003Cstrong>deflationary\u003C/strong>. Inflationary currencies have no limit to how many units are in circulation, while deflationary currencies have a \u003Cstrong>max supply\u003C/strong>. Other factors remaining the same, the buying power of inflationary currencies reduces as more units are printed. Inversely, the value of deflationary currencies increases with time, as the currency becomes ever more scarce.\u003C/p>\n\u003Cp>Fiat currencies fall into the category of inflationary currencies, while most cryptocurrencies are deflationary in one way or another.\u003C/p>\n\u003Ch3>Inflationary vs deflationary essentials\u003C/h3>\n\u003Cp>\u003Cstrong>INFLATIONARY\u003C/strong>\u003C/p>\n\u003Cul>\n\u003Cli>The currency rates of fiat currencies are floating (their value is relative to other currencies).\u003C/li>\n\u003Cli>New units of fiat can be made at any time, which makes it inherently inflationary.\u003C/li>\n\u003Cli>The more units there are in circulation, the more likely it is that they are worth less.\u003C/li>\n\u003C/ul>\n\u003Cp>\u003Cstrong>DEFLATIONARY\u003C/strong>\u003C/p>\n\u003Cul>\n\u003Cli>Fixed currencies are tied to material goods or limited by code.\u003C/li>\n\u003Cli>They are inherently deflationary as they cannot be made at whim.\u003C/li>\n\u003Cli>Fixed or decreasing supply and steady demand usually makes them grow in price.\u003C/li>\n\u003C/ul>\n\u003Ch2>Fixed vs floating\u003C/h2>\n\u003Cp>Traditional currencies used to be \u003Cstrong>fixed\u003C/strong>. Their value was tied to material goods, most commonly a \u003Cstrong>gold reserve\u003C/strong> held by a central bank. This reserve defined the value of a currency in terms of how much gold it could buy. If a citizen wanted to, they could go to the central bank and demand gold for their money.\u003C/p>\n\u003Cp>However, in the 1970s, national banks began to abandon the gold reserve. By the turn of the century, the vast majority of countries abolished it entirely. Their currencies became \u003Cstrong>floating\u003C/strong>, meaning that they were valued in comparison to other currencies. Now, traditional currencies only have value because there is a general agreement that they have value. That is why they are called \u003Cstrong>fiat\u003C/strong> currencies (Latin for “let it be done”).\u003C/p>\n\u003Cp>As an important side effect of abandoning the gold standard, fiat currencies have become \u003Cstrong>inflationary\u003C/strong>. Central banks are now able to print new money at will, without announcing their actions publicly. The amount of a currency in circulation keeps increasing, which has an adverse effect on its purchasing power.\u003C/p>\n\u003Ch2>Cryptocurrencies can be seen as deflationary\u003C/h2>\n\u003Cp>On the other hand are cryptocurrencies, which are not controlled by any government or institution. Their algorithms often determine their \u003Cstrong>max supply\u003C/strong> that can never be exceeded. Once such a limit is reached, the \u003Cstrong>supply\u003C/strong> of the crypto comes to a halt. And if the perceived \u003Cstrong>demand\u003C/strong> remains the same, prices could go up.\u003C/p>\n\u003Cp>\u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-bitcoin-btc/\">Bitcoin\u003C/a>, the first and the largest cryptocurrency, will only ever spawn 21 million coins. After this pool runs dry, there will be no more new bitcoins. In fact, most of the coins (over 18 million as of writing this article) have already been \u003Ca href=\"/en-gb/learn/crypto-101/what-is-crypto-mining/\">mined\u003C/a>. Since the mining reward is growing smaller and smaller, bitcoin can already be seen as \u003Cstrong>deflationary\u003C/strong>. When this limit is reached, it will become truly deflationary. Cryptocurrencies such as \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-litecoin-ltc/\">Litecoin\u003C/a> and \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-bitcoin-cash-bch/\">Bitcoin Cash\u003C/a> have a similar limit.\u003C/p>\n\u003Cp>But some other cryptocurrencies have gone a different way. \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-ripple-xrp/\">Ripple\u003C/a> made XRP, its native cryptocurrency, deflationary through a different process. The Ripple company released the entirety of their XRP (100 billion) when they first began. 55 billion of this total sum has been escrowed (locked in a special account), while the rest is going down day by day, since every transaction \u003Cstrong>burns\u003C/strong> (that is, destroys) a small amount of XRP.\u003C/p>\n\u003Cp>Not all cryptocurrencies have a hard-coded limit to how many units can be created. Proof-of-stake-based crypto platforms (PoS is the development direction of \u003Ca href=\"/en-gb/learn/cryptocurrency-guide/what-is-ethereum-eth/\">Ethereum\u003C/a>) have no max supply limit. But this does not necessarily stingy that cryptocurrencies like ETH are inflationary. Unlike with central banks, which can print fiat on a whim, the way new units of crypto are made is transparent and predictable. The public nature of the blockchain allows the market to adapt to any changes even before they are made.\u003C/p>\n\u003Cp>Due to its deflationary nature, there may come a time when people HODL crypto relentlessly. Purchasing it might become an arduous and expensive task. For now, the easiest way to purchase crypto is to buy it for fiat at an exchange, like Bitstamp by Robinhood.\u003C/p>\n","full","left",{"text":17},[],[],"July 29th, 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20 3868 9628","+442038689628",{},{},{"noFollow":36,"isExternal":36,"name":224,"value":225,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":226,"geofencings":227},"+1 800 712 5702","+18007125702",{},{},{"noFollow":36,"isExternal":36,"name":229,"value":230,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":231,"geofencings":232},"+352 20 88 10 96","+35220881096",{},{},"\u003Cp>Please read the general \u003Ca href=\"/legal/risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Warning\u003C/a>, and \u003Ca href=\"/legal/uk-investment-risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Summary\u003C/a> for UK residents before investing in crypto-assets. \u003C/p>\n\u003Cp>Crypto-assets services are provided by the following Bitstamp legal entities depending on client residency: (1) Bitstamp Europe S.A., which is authorized by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg as a payment institution (licence number Z00000012) and crypto-asset service provider (licence number N00000003); Registered address: 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg; Registration number: B196856; (2) Bitstamp UK Ltd., which is registered with the Financial Conduct Authority (FCA) in the UK for the provision of certain cryptoassets activities under the Money Laundering Regulations (Firm Reference Number 978690); Registered address: 5 New Street Square, EC4A 3TW London, United Kingdom; Registration number: 14174243; (3) Bitstamp Ltd.with its registered address at 5 New Street Square, EC4A 3TW London, United Kingdom and registration number: 8157033; (4) Bitstamp Global Ltd., which is registered as a Virtual Asset Service Provider in the British Virgin Islands and is supervised by the British Virgin Islands Financial Services Commission (FSC); Registered address: Floor 4, Banco Popular Building, Road Town, Tortola VG1110, British Virgin Islands; Registered number: 2086429; and (5) Bitstamp Asia Pte Ltd, which is authorized by the Monetary Authority of Singapore (MAS) as a major payment institution (licence number PS20200667); Registered address: 63 Chulia Street, OCBC Centre East, #15-01, Singapore 049514; Registered number: 202016687K;\u003C/p>\n\u003Cp>Virtual currency services to US residents are provided by Bitstamp USA, Inc., which is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Licensed as a Money Transmitter by the New York State Department of Financial Services. Review a \u003Ca href=\"/legal/usa-inc/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">list of its licenses and other registrations\u003C/a> (NMLS number \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">1905429\u003C/a>) for more information; Registered address: 85 Willow Road, Menlo Park, CA 94025, United States of America; Registered number: 5481543.\u003C/p>\n\u003Cp>Investment services with regards to trading in crypto derivatives are provided by Bitstamp Financial Services Ltd., which is authorized and supervised by the Slovenian Securities Market Agency (ATVP) as a MiFiD investment firm. Trading crypto derivatives carries significant risks and may result in substantial losses. Please trade responsibly and ensure you understand the associated risks. You can find more about the risks \u003Ca href=\"/legal/financial-services/general-terms-and-conditions/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>. To help you understand the risks involved we have put together a series of \u003Ca href=\"/derivatives/key-information-documents/\" target=\"_blank\" rel=\"noopener noreferrer\">Key Information Documents (KIDs)\u003C/a> highlighting the risks and rewards related to each derivatives contract. Crypto derivatives trading is not available to customers in the US, Canada, Japan and some other countries. Bitstamp Financial Services Ltd. does not provide crypto-asset services.\u003C/p>\n\u003Cp>To find out more about which Bitstamp entity you receive services from, please check the Profile/My information in your Bitstamp account. You can read more about our legal terms, policies and disclosures \u003Ca href=\"/legal/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>.\u003C/p>\n","\u003Cp>All rights reserved © 2026 Bitstamp by Robinhood. \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">NMLS #1905429\u003C/a>\u003C/p>\n",{"items":236,"ready":33,"platformButtonText":282,"backButtonText":283,"logInButtonText":284,"signUpButtonText":285},[237,242,248,251,255,260,265,268,273,278],{"headerName":238,"sidemenuName":119,"url":239,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":240,"submenu":241,"tag":17},"Institutions","/en-gb/institutional-trading/",{},[],{"headerName":243,"sidemenuName":243,"url":244,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":245,"submenu":246,"tag":247},"Derivatives","/perpetual-futures/",{},[],"NEW",{"headerName":134,"sidemenuName":134,"url":135,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":249,"submenu":250,"tag":17},{},[],{"headerName":252,"sidemenuName":252,"url":107,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":253,"submenu":254,"tag":17},"Mobile App",{},[],{"headerName":256,"sidemenuName":256,"url":257,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":258,"submenu":259,"tag":17},"Markets","/markets/",{},[],{"headerName":261,"sidemenuName":261,"url":262,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":263,"submenu":264,"tag":17},"Earn Stake","/en-gb/crypto-staking/",{},[],{"headerName":111,"sidemenuName":111,"url":112,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":266,"submenu":267,"tag":17},{},[],{"headerName":269,"sidemenuName":269,"url":270,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":271,"submenu":272,"tag":17},"Blog","https://blog.bitstamp.net/",{},[],{"headerName":274,"sidemenuName":274,"url":275,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":276,"submenu":277,"tag":17},"Learn","/learn/",{},[],{"headerName":279,"sidemenuName":279,"url":107,"noFollow":36,"showInHeader":36,"showInSidemenu":33,"geofencings":280,"submenu":281,"tag":17},"Get Bitstamp by Robinhood app",{},[],"Go to platform","Back","Log in","Get started",[287,291,295,299,303,306,310,314,318,322],{"title":288,"url":289,"geofencings":290},"Blockchain technology","/en-gb/learn/blockchain/",{},{"title":292,"url":293,"geofencings":294},"Company profiles","/en-gb/learn/company-profiles/",{},{"title":296,"url":297,"geofencings":298},"Crypto 101","/en-gb/learn/crypto-101/",{},{"title":300,"url":301,"geofencings":302},"Crypto definitions","/en-gb/learn/crypto-definitions/",{},{"title":32,"url":304,"geofencings":305},"/en-gb/learn/crypto-trading/",{},{"title":307,"url":308,"geofencings":309},"Cryptocurrency guide","/en-gb/learn/cryptocurrency-guide/",{},{"title":311,"url":312,"geofencings":313},"People profiles","/en-gb/learn/people-profiles/",{},{"title":315,"url":316,"geofencings":317},"Security","/en-gb/learn/security/",{},{"title":319,"url":320,"geofencings":321},"Tutorials","/en-gb/learn/bitstamp-tutorials/",{},{"title":323,"url":324,"geofencings":325},"Web3","/en-gb/learn/web3/",{},1776263813879]