Bitcoin Cash trades above $200 on first day:

 Bitcoin, the world's most famous digital currency, split in two yesterday. So now there are two versions of Bitcoin: The original one and a new type of online money called Bitcoin Cash, which is now being bought and sold at online exchanges.

The new currency was trading at about $200 on 1st of August, and in what might come as a surprise, its arrival has not undercut the value of the original version. As of mid-afternoon, the price of bitcoin proper was around $2,700—not far below its all-time high of just above $3,000. 

 If Bitcoin Cash continues to trade at any significant value, it could create enormous pressure on COINBASE which is the most popular digital currency exchange, to distribute the new currency to its customers. 

 At this time, COINBASE is standing by its controversial decision of last week not to support Bitcoin Cash. This means many bitcoin owners using COINBASE, all of are entitled to receive Bitcoin Cash at a one-to-one ratio, are seeing their new "Cash" sit in a sort of limbo.

One reason for this is COINBASE and others dislike the idea of Bitcoin Cash because it relies on a so-called FORK of the software which runs the bitcoin blockchain, and on which all transactions are recorded.

The creation of multiple forks could undermine the network effects that help support the popularity of bitcoin. A source close to COINBASE, who asked to speak anonymously, also told Fortune that a new currency like Bitcoin Cash is akin to a new product, and it can be time-consuming and expensive to create secure infrastructure to trade it.

The Bitcoin Cash came about after a group of miners, who are responsible for recording bitcoin transaction records, decided to implement a new version of the software that governs the bitcoin blockchain.