New cryptocurrencies appear by division of old ones. In early August, a new virtual currency was introduced. Thanks to the bitcoin, the world welcomed another digital asset with a similar name - the Bitcoin Cash. The reason for creation of another bitcoin is introduction of new mechanism Segwit2x. This code upgrade increases the size of a bitcoin block to 2 megabytes instead of the current 1 megabyte.
When the majority of users opposed the introduction of Segwit2x, the bitcoin split into two cryptocurrencies. On the upside, happy owners of the bitcoin have become even more happier. Each bitcoin holder received the Bitcoin Cash in the amount equal to the number of bitcoins on their accounts as of August 1. Despite the same amount and related affinity, two currencies considerably vary in prices. While the bitcoin recently hit an all-time high of $3,400, the Bitcoin Cash can only dream about such growth. However, the new cryptocurrency has got off to an impressive start. During the first minutes of its introduction, the Bitcoin Cash jumped up, hitting an impressive high of $1,800. However, the craze has died down soon, as a result, the cryptocurrency took a downward swing and stabilized at $300.
This is not the first division in the history of digital currencies. In July 2017, a similar thing occurred with another popular cryptocurrency - the Ether. After the hacker attack, its creators decided to cancel all transactions and return the records in the blockchain as they were before the crash. Some users were against it, as a result, the Ethereum Classic was introduced.
