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In a centralized economy, currency is issued by a central bank at a rate that is supposed to match the growth of the amount of goods that are exchanged so that these goods can be traded with stable prices. In the United States, the Fed increases the monetary base by issuing currency, increasing the amount banks have on reserve or by a process called Quantitative Easing.
In a fully decentralized monetary system, there is no central authority that regulates the monetary base.
This decreasing-supply algorithm was chosen because it approximates the rate at which commodities like gold are mined.
Users who use their computers to perform calculations to try and discover a block are thus called Miners.
Then, in an act of sheer stupidity, a more recent miner who failed to implement RSK properly destroyed an entire block reward of 12.5 XBT in block 501726.Due to the mining power having increased overall over time, as of block 367,500 - assuming mining power remained constant from that block forward - the last Bitcoin will be mined on May 7th, 2140.