A label often used for physical currency or the narrowest monetary aggregate; official definitions are not globally uniform.
M0 is best understood as part of a system rather than as an isolated definition. Its related coordinates show the mechanisms, incentives and historical records that give the term practical meaning.
M0 is an analytical lens, not a slogan or automatic proof that every claim about Bitcoin is correct. Use it to trace scarcity, incentives, prices, time and human choice, then compare the reasoning with the protocol’s verifiable rules.
Understanding M0 helps distinguish a verifiable Bitcoin mechanism or historical record from slogans, products and market narratives.
For the clearest picture, read this entry together with Monetary base, M1, M2. The reverse links also lead from Monetary base, M1.
Linked to related atlas coordinates
Grounded in a source record
Explains function and trade-offs
Part of the open Bitcoin knowledge graph