We get it, bitcoin is a bit confusing.
After years of debate, however, two different ideological camps arose with opposing views. Shortly after the introduction of the new currency, was trading at around $2,680, even though it didn't move much on Indian exchanges.
So what does that mean? Left unaddressed, the problem will severely hamper scaling and prevent Bitcoin from becoming a truly global currency.
This new chain has a transaction limit of 8 megabytes.
Mining involves computers being tasked with solving hard mathematical problems in order to authorise transactions on the blockchain.
The plan calls for initially making blockchain blocks smaller by relocating some data into a separate file, a process called Segregated Witness, or SegWit. This will slow down the bitcoin blockchain somewhat.
Unlike other software, the developers can't simply make changes unilaterally - they need to have the agreement of the groups and companies that are responsible for "creating" Bitcoin. Rival factions couldn't come to terms with how the cryptocurrency should work, so they agreed to disagree and fork the blockchain.
One way to get bitcoin cash is to buy it.
Yesterday, Bitcoin Cash was officially born when block number 478559 - at just under 2MB in size - was mined.
Segwit2x attempts to address the network's limitations in processing millions of daily transactions - the network has not kept pace with the growth of Bitcoin, as it is unable to process transfers fast enough.
We'll have to wait and see which version of Bitcoin takes the crypto crown now... As of this writing, a unit of Bitcoin Cash is valued around $240, but one Bitcoin is worth more than $2,700.
User dissatisfaction primarily stems from limitations to how Bitcoin now works.
To recap, Bitcoin power brokers have been squabbling over the rules that should guide the cryptocurrency's blockchain network. As of Monday morning, there was no block created yet, but experts expect it to be created soon.
A Bitcoin Cash unit is now worth only $240 while a Bitcoin unit averages $2,700. They use the same transaction history but now Cash is much less supported.
"This will be informative for how we deal with these systems in the future", Manain said.