Bitcoin was designed as a deflationary system, one that could help it reach ever-increasing values.This is Part One of a multipart series that aims to answer the following question: What is the “fundamental value” of Bitcoin? Part One is about the value of scarcity, Part Two — the market moves in bubbles, Part Three — the rate of adoption, and Part Four — the hash rate and the estimated price of Bitcoin. In recent months — and throughout 2020 amid the COVID-19 pandemic and its negative effects on the economy — central banks around the world have issued unprecedented quantities of money in order to try to counter an inevitable economic crisis. We live in a world where each generation of newly issued money, printed by central banks, leads to inflation, or the reduction of the purchase value of the currency itself and consequently, an increase in the price of goods.