Bitcoin Cash already is the third largest cryptocurrency

There is a brand-new entrant in digital currency. So-called Bitcoin Cash, which erupted out of the original bitcoin on 1 August, is the result of a small faction of bitcoin developers’ demand for a version of the popular cryptocurrency that allows virtual miners, which support the currency, to more rapidly process transactions in larger units known as blocks.

A single Bitcoin Cash token is worth $626 after charging 122% in less than 24 hours.
Its emergence comes as the original bitcoin is undergoing a separate fork, known as BIP 91 — another widely backed solution to the so-called scaling problem that expands the bitcoin network without creating a separate version. The existence of parallel versions, has created some confusion in the cyber-unit industry and threatens to rattle bitcoin participants, if only briefly.

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.
Bitcoin Cash is an attempt to solve processing issues by allowing blocks to be processed in 8-megabyte units, rather than the one-megabyte block the older version of bitcoin uses.

Because Bitcoin Cash is supported by a minority of developers and industry specialists, its future is uncertain and it will likely be prone to volatility. The cybercurrency is presently backed by currency-mining and trading firm ViaBTC and Kraken Exchange, a San Francisco bitcoin exchange operator. Meanwhile, a number of large digital currency exchanges, including Coinbase, have said they aren’t supporting Bitcoin Cash transactions — for the moment, at least. Still, that hasn’t stopped a rapid ascent for Bitcoin Cash.

According to digital-currency data firm coinmarketcap.com, Bitcoin Cash already is the third largest cryptocurrency in the world at a market value of $10 billion.