This is a very important element that Satoshi Nakamoto added when programming the digital currency Bitcoin. The reward per minted block is halved. Halving it means cutting the offer in half.
In total, only 21 million Bitcoins will be created. Each time one of them is lost or destroyed, it disappears forever. Bitcoin is therefore deflationary. We cannot produce more, but we can see a complete reduction in supply over time.
The intention behind Bitcoin was not just to create a decentralized digital currency that is independent of governments and institutions. The crypto currency should be more secure and stable.
Bitcoin is a digital currency, but its properties are more comparable to those of gold. There is a fixed ceiling, which makes it a limited commodity. Like gold, it must be mined by the miners. Halving the number of coins means that the miners earn less coins per new block, but it also means that there are fewer coins in circulation. After each halving, the inflation rate of Bitcoin decreased. Currently the inflation rate is about 3.79% per year and will be 1.8% after the block is halved. This will give Bitcoin an even lower inflation rate than gold.
Instead of creating more and more money out of nothing, Bitcoin requires an incredible investment and work to produce Bitcoin. There is no small group of people who determine how much money to print.
Bitcoin is based on mathematics. Raw, hard facts. These delivery schedule facts require a disinflationary supply. That means 50 Bitcoin was initially distributed every ~10 minutes. Four years later, that number has dropped to 25 Bitcoin every 10 minutes. Then to 12.5 another four years later. And in May 2020 we will see a third decrease from 12.5 to 6.25 Bitcoin every ~10 minutes.
There is no group of people who meet privately to determine how to proceed. Just a completely transparent, decentralized system that everyone can monitor at all times.
It is quite possible that in the future all Fiat coins will be digitalized. There will be a digital dollar. A digital euro. A digital yuan, etc.
In the meantime, Bitcoin continues to do what it was created to do: survive.