The limit will be reached in 100 years or so - none of us will see that...
However, most of the coins should be mined till 2030 or so. And basically, cut off supply means rising prices, so all other elements equal, it has to deflationary with rising prices.
Post 200, yipiieeee!
There are already 12 million Bitcoins in circulation, and with new miners coming along how does that make sense by saying it will take 100 years?
Sorry I'm new to this that's why i might ask questions that might sound stupid to some people.
This is how it's planned, it's how Satoshi established it.
Don't ask me for the technical details, but you can read this all over the internet on sites about BTC as well.
Glad I can help a newbie - I was one too, not a long time ago...