Bitcoin · Deep monetary assessment
Twelve dimensions, with mechanisms, interpretations and unresolved questions.
Bitcoin BTC
Native asset · Layer 1 · self-custody
All 96 research questions are covered. 33 still require dedicated data; missing is not a zero score.
Monetary constitution / Bitcoin · L1 · self-custody
| Criterion / research question | Bitcoin preliminary finding | Evidence |
|---|---|---|
03.01Issuance rulesUnder what conditions are new units created and put into circulation? | Subsidy is height-based; block producers can claim subsidy and transaction fees. Verification & limitsReplay all issuance routes, burns and fees by height, checking claimed rewards rather than caps alone. | Documented factEvidence records & gaps |
03.02SeigniorageWho receives new units and issuance benefits? Report fees and other income separately. | The protocol rewards block producers without a founder share; pools have internal payout rules. Verification & limitsSeparate subsidy, fees, funds, channel interest and pool payouts by period. | Documented factEvidence records & gaps |
03.03PredictabilityCan future quantities or calculation rules be known in advance? Fixed rules need not imply fixed future quantities. | Subsidy halves every 210,000 blocks; calendar dates depend on block production. Verification & limitsSeparate height-based projections from actual block dates and identify rule changes. | Documented factEvidence records & gaps |
03.04Supply accountingHow many units exist and circulate? How are locks, burns, lost coins and cross-chain tokens counted? | New criterion; a project-specific finding is not yet available. Verification & limitsCheck the project version, implementation and actual use before adding evidence and findings. | Data neededMeasurement neededEvidence records & gaps |
03.05Cap and tail issuanceIs there a supply cap? Does issuance eventually stop or continue at a low rate? | Issuance is capped near 21 million BTC, with no perpetual tail emission; key loss affects spendable supply. Verification & limitsCheck terminal subsidy, unit rounding and non-mining issuance, not a promotional supply figure. | Documented factEvidence records & gaps |
03.06Monetary hardnessWhen price rises, how difficult is it to expand new supply? What time and cost does that require? | Higher prices cannot directly increase the block subsidy; stock-to-flow is not used as a price model. Verification & limitsHold protocol rules constant and distinguish mining expenditure from extra units issued. | InterpretationEvidence records & gaps |
03.07Monetary elasticityCan supply adjust when people want to hold more or less money? How is changing demand identified? | Base issuance does not target demand; custodial credit expansion is not native BTC issuance. Verification & limitsCheck price/demand feedback and separate custodial credit from native supply. | InterpretationEvidence records & gaps |
03.08DiscretionWho can change issuance, allocation or other monetary rules? What limits that power? | The cited subsidy and reward-validation path enforces consensus parameters; no administrator issuance path was identified there. Rule changes and other implementation risks remain separate. Verification & limitsInspect issuance privileges, upgrade authority and exceptions; open source alone does not remove discretion. | InterpretationEvidence records & gaps |
Protocol facts refer to the specified code and specifications. Documentation review is not a live full-node audit; market data is on the potential page; six-asset historical purchasing-power measurements are on the evidence page; market depth remains unmeasured.