If the two outcomes are both possible and that's all you know, that's exactly what .5 means. I think the confusion comes from that, if the coin flip is repeate

If the two outcomes are both possible and that's all you know, that's exactly what .5 means. I think the confusion comes from that, if the coin flip is repeated, we know (if the coin is fair) it will approach N/2, and in the other case, we don't know any such thing.