Users that had Bitcoin when the fork happened will now have the same amount of Bitcoin Cash as they had Bitcoin. What that means is that there's no middleman like a bank to verify transactions, they're done independently by the network.
"In the event of two separate blockchains after August 1, 2017 we will only support one version".
However, some uncertainty still remains.
So when, exactly, does bitcoin split?
The new currency traded on a few platforms at a median price of $146.37.
Here's a look at the current dispute. The world's No. 2 digital currency is collectively valued at $17.8 billion. It's also possible to exchange bitcoin for US dollars and other currencies.
Despite its meteoric success as the foremost digital cryptocurrency, investors and users of Bitcoin have as of late expressed serious misgivings regarding the direction, performance, and future of the currency.
Bitcoin Fork is where a blockchain, a public ledger of all Bitcoin transactions, splits into 2 potential paths.
The nascent Bitcoin Cash - it's so new that, unlike most digital currencies, it doesn't have a logo yet - comes as the industry is confronting growing pains, with a chorus of market participants urging for the adoption of software updates that would facilitate larger, speedier transactions.
We get it, bitcoin is a bit confusing. Originally used for online payments, bitcoin has been moving into traditional retail and is in use in Alabama.
Taking bitcoin, for instance, could leave you with currency you couldn't spend freely - and that might disappear entirely if it ended up being the "wrong" kind. The differences will come as the two develop and expand. Voorhees has previously Tweeted his support for SegWit2x, saying he would be "dumping BCC as fast as I can". People who owned Bitcoin prior to the fork on exchanges or in wallets will see their holdings increase as they will receive one unit in Bitcoin Cash for every unit they hold. Supporters say their project is necessary because planned changes that could expand bitcoin's capacity are not sufficient.
And Cornell computer science professor Emin Gun Sirer said savvy traders could game the system to create free money for themselves.
To put it in as simple terms as possible Bitcoin Cash is an upgrade of sorts.
BitcoinABC, BitcoinClassic and BitcoinUnlimited are some wallets that have jumped on board with bitcoin cash.
Others are adamant that the original system was the way to go, and plan to continue with the adoption of regular Bitcoin anyway.