"We make this decision carefully because safely supporting a new digital currency requires significant work for many teams".
This divide comes as a result of the ongoing debate on the cryptocurrency, where developers across the world were at loggerheads to come up with a solution for the congestion of transactions on the bitcoin blockchain. But that doesn't mean the value of investors' holdings will double.
Bitcoin cash came out of left field, according to Charlie Morris, the chief investment officer of NextBlock Global, an investment firm with digital assets.
We are now less than 24 hours away from the start of the latest Bitcoin Civil War. The developers control the core of Bitcoin while the miners, well, mine the coins.
However, to make sure that you've access to your Bitcoin Cash, please check that your exchange supports it. Before you invest hard currency into Bitcoin or Bitcoin Cash, consider if you can afford to lose that money and proceed with caution.
[W] e chose to temporarily stop accepting bitcoin deposits and withdrawals at each exchange due to the possibility of the branching (split) of the bitcoin protocol. Some exchanges have already said they won't support bitcoin cash.
Following the split, Bitcoin fell by around 4% to around £2,000, with Bitcoin Cash rising from $200 to $370.
But just because some big players won't get behind it doesn't necessarily mean bitcoin cash will be a dud or that it couldn't eventually usurp the original bitcoin.
A so-called "hard fork" will be activated by users on the first of August, which in practical terms will diverge the once unified currency. The world's No. 2 digital currency is collectively valued at $17.8 billion.
Miners have been widely in support of the first option, with the increased transaction speed leading to increased transaction fees within a given block of the blockchain.
Karen, the largest Bitcoin exchange, announced its support for Bitcoin Cash Thursday. More than five hours later, that hash rate increased to more than 200.
Although all bitcoin holders are expected to receive tokens of bitcoin cash, not everybody will.
As the new cryptocurrency will inherit the transaction history of Bitcoin, any Bitcoin that a user now holds will be represented within the new coin's block chain.
This has a nuanced implication for Bitcoin owners.
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've received questions about the Bitcoin Cash Fork (known as BCC) that is scheduled to activate on August 1st and how it will impact individual users.
He said: "That bitcoin tree is going to continue to grow like nothing happened today". I know there is one backup in a Mac that doesn't turn on, and another back up on a couple of USB thumbdrives.