I am really not sure why this limitation or factor was added to the network
To ensure that there will be new block mined once every 10 minutes on average. Not more, nor less than that. but that’s definitely to keep up the demand and supply of bitcoin ratio exponentially.
Not sure what you mean. Difficulty adjustment simply makes bitcoin supply completely inelastic to demand fluctuations. It doesn't matter what the demand will be, the currency will inflate in the same prescheduled pace.Yes, I am actually stating the same thing which you are defining it as inelastic. I just mentioned it in layman language and you defined it technically.
Now I understand why it was locked to those limits. Interestingly the calculations are so precise that it is still working properly till date. I gotten say Satoshi was one hell of a person to imagine this future and lock down every bit of coding precisely. He knew that when first bitcoin will start to mine and he knew when it will end with the last bitcoin by the year 2140 etc etc. It is also interesting to imagine why the time was limited to 10 minutes only? Why not 1 hour or may 1 minutes? May be they had some other type of calculations in regards with the inelastic supply and timeline of the same. They could have brought it down and we would have seen all the bitcoins mined in may be 50 years or so. Must have been some thought or whether there is technical explanation to this as well?