I keep seeing people not understanding the difference and mentioning #bitcoin having an inflation rate.

That is incorrect.

It is not an inflation rate. It is the issuance rate. Bitcoin's inflation rate is 0% as no new coins are created. ₿itcoin has a fixed coin limit so the value of them can not be inflated by creating new ones. The mining reward unlocks new coins to be moved around but they are all accounted for before they are even mined.

Bitcoin's issuance rate is determined by the mining reward, which is gradually reduced over time until the maximum supply of 21 million bitcoins is reached. The issuance rate of Bitcoin decreases over time, eventually reaching zero once the maximum supply has been reached. This is different from traditional currencies, where central banks can print more money and increase the money supply, leading to inflation.

Inflation rate, on the other hand, refers to the rate at which the general level of prices for goods and services is increasing over time. Inflation can occur due to various factors, such as an increase in the money supply, changes in the demand and supply of goods and services, and changes in production costs. Inflation reduces the purchasing power of money, as the same amount of money can buy fewer goods and services over time.