August 1st was the date when Bitcoin blockchain had been forked, and the Bitcoin Cash was announced as a separated cryptocurrency. Before the August 1st both of these coins shared the Blockchain, so anyone who have a certain number of Bitcoins before the fork, will have identical number of Bitcoin Cash after it.
BCH comes into being
Every cryptocurrency somehow is different to other, so the question about Bitcoin Cash, it is identical to the Bitcoin, the answer is no. There are some different, in other way it would be useless creating currency without the differs. Bitcoin appeared in 2009, it was the first cryptocurrency so people had know nothing about digital currencies, blockchains and decentralization. So before the year of 2013, Bitcoin were not such demanded currency. So the fact is, whole system works slow. Bitcoin Cash is developed like some kind of solution of the problem of how much operation could be calculated simultaneously. It can take hours to complete the transaction in the rush hour. So the Bitcoin Cash is invented with the increased blockchain size from 1 to 8MB which will increase transaction speed as well.
Is it worth anything?
It is fourth largest cryptocurrency with the market cap $4 700 000 000, and the highest price of the one Bitcoin Cash at the first day was around $900, and no cryptocurrency was valued this much on first day. The Bitcoin Cash problem is that on the traditional online exchanges it is pretty hard to buy or sell this cryptocurrency due to large number of this tokens are stored on cold wallets where the owners of the tokens simply don\'t have the possibility to sell them. Right now Bitcoin Cash is overvalued cryptocurrency and everyone would sell them and cash out ass soon as possible. It is probably too soon but it seems that Bitcoin Cash would have similar outcome like Ethereum Classic, which price is way lower then the Ethereum. So right now people are trying to get rid of Bitcoin Cash which is decreasing the value of token, but if demand of this currency suddenly goes up, this could increase the price. But it is too early to predict the future of this token.