Printing money is basically intrinsic to our "real currencies" so if you remove that you have something quantitively different,effectively a new type of currency. Technically currency is a medium of exchange and can be linked to anything,industrial production,gold,number of cows,someones else's currency etc ,so whether it is inflationary or deflationary depends on its social framework and design.

Now what is a deflationary currency inherently bad?Say I am Mr Big with my 2 million bitcoins, I can invest in your new business with a variable prospect of success or I can sit on my arse and watch the value of my money go up due to deflation,which am I more likely to do? How do you deal with exiting debits in a deflationary spiral? In deflationary systems money does not circulate and that is the death knell of commerce. But bitcoin is circulating! Well yes,but its value is due to it being traded for speculation and extralegal activities (a lot of which Im actually sympathetic to) ,not as an actual replacement currency.