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There was once only one Buddhism. During the 2ND Great Buddhist Council (which was about 2,000 years ago - 500 years after the Buddha had passed away), a group of monks were refusing to observe the Monk's codes (the Patimokha, rules which were laid down by the Buddha for monks to observe and practice. From a practical point of view, the Patimokha greatly helps ones spiritual progress, and without following certain major rules in the Patimokha, one may never achieve enlightenment), and this group of monks rejected the council's decision to banish them and began to form their own sect.
The details of which codes this group of monks were refusing to observe can be read from "The Points of Controversy," which was written during the Third Great Buddhist Council to refute these heretic monks.
Some rules they broke include: receiving money directly, carrying salt, etc.
This group of monks called themselves the Mahayana (i.e. the Great beacon), and deposed the Buddhist council as the "Minor beacon." The names originated from their false belief that not observing the monk's code may do greater good to human kind, to which they believe that amassing wealth, gathering money, etc., is more convenient to spread Buddhism. From this moment onward, the original Buddhist council who still held the right practice of Buddhism called themselves the Theravada (i.e. the Elders).
As the two schools split and time goes by, the Mahayana school split within itself into even more diversities. Today it is hard to account how many different forms of Mahayana actually exists or existed throughout history.
And as Mahayana steered away from the right path, many different beliefs also spring out, since it is a fashion for Mahayana monks to say and do most things as they pleased (since they already abandoned the monk's code 2,000 years ago), you cannot take the Mahayana school as authentic Buddhism.
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