In the physical world, scarcity is easy to understand. Gold is scarce because it is hard to mine. Land is scarce because there is only so much of it. Art is scarce because it cannot be duplicated perfectly. In the digital world, however, scarcity has always been a problem. Files can be copied infinitely. Music, images, and documents can be duplicated without loss. Bitcoin introduced something radically different: digital scarcity that actually works . Understanding how digita
