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Bitcoin Cash: Why It's Forking the Blockchain And What That Means

On August 1, at precisely 12:20 UTC, the group claims that they will split off from bitcoin, creating a new cryptocurrency called Bitcoin Cash.

Culianu said that both Bitcoin Unlimited and Bitcoin Classic, other implementations that aim to increase bitcoin's block size, are working on aversion compatible with Bitcoin Cash.

Further, Bitcoin Cash has attracted support from some users who want a block size increase, as well as developers of other proposals such as Bitcoin Classic and Bitcoin Unlimited.

In a PSA statement, Bitcoin.com said that it will allow miners in its pool to choose if they want to mine the Bitcoin Cash token BCC. For now it will mine on Segwit2x chain, though it said it "Will immediately shift all company resources to supporting Bitcoin Cash exclusively" if the block size increase part of SegWit, scheduled for roughly three months from now, falls through.

Bitcoin Cash might be unique in that it's actually committing to a deadline to split bitcoin into two, and that deadline is less than a week away.

Like past efforts intended to replace the bitcoin used today with a new bitcoinBitcoin Cash has the same goal, but it seems willing to wait and see if users join the effort.

Rather than call it bitcoin, ViaBTC, as well as a group of bitcoin companies inChina, signed an agreement to label it a "Competitive currency," not the "Real" bitcoin.