In the eyes of many Bitcoin advocates, scarcity is a key advantage over more conventional assets. Unlike fiat money, which can be created from nothing on a bank’s balance sheet, or gold, which can be mined from the ground in quantities still far from being exhausted, the supply of Bitcoins was set from the start at 21 million. That means, in the words of its pseudonymous founder Satoshi Nakamoto, it should ultimately be “completely inflation free” — making it a far better store of wealth than assets whose real value declines over time. That’s the theory, at least. With the price of Bitcoin climbing as high as $34,792 ... (full story)