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Even though Bitcoin is digital money, it cannot be created forever. Verifiable scarcity is central to its value proposition. Two concepts relating to scarcity are fundamental to the Bitcoin protocol. First, the number of bitcoins will not exceed 21 million. (At the end of 2020, there were less than 2.5 million bitcoins left to be virtually mined). Second, the number of new bitcoins added to the network will be halved every four years. This second concept is called halving.