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Bitcoin is the king of cryptocurrencies, at least for the time being. Since the creation of Bitcoin in , the idea of exploiting its technology to run applications beyond what a conventional currency can do has been fulfilling a wide level of international recognition. Nowadays, there are several competing digital currencies. Many of them aim at providing certain technical advantages over Bitcoin.

Regardless of being the most widely traded cryptocurrency, Bitcoin suffers from some shortcomings when compared to the newer digital currencies. These shortcomings include, for example, the slow average block time of 10 minutes which makes the transaction confirmation sluggish as well as the low amount of transactions per second, the relatively high transaction fees and the alarming amount of computer power that is spent on it.

We may also add to these shortcomings the poor governance or the lack of a centralized authority in charge of policing it. There are several cryptocurrencies out there and they have diverse characteristics for different users. But which one should people adopt? Ethereum was developed with the main purpose of creating a more generalized blockchain platform, enabling users to straightforwardly build applications that benefit from the decentralization and security properties of blockchains, and to evade the necessity to generate a novel blockchain for each new application.

Ethereum technology is expected to highly enhance smart contract applications that can make automatic intricate physical and financial supply chain procedures. For Ethereum, the block time is set to 14 to 15 seconds compared to Bitcoins 10 minutes, which ensures strong transactional velocity.

Dash offers to its users further privacy when completing transactions. It aims at making this cryptocurrency as easy to use as PayPal and similar services, but without centralization and with very low fees.

The Dash network also incentivizes users to not spend their wallet balance. More importantly, Dash is an alternative to Bitcoin that features better anonymity via Darksend, a protocol that mashes transactions all together prior to dispersing them to the adequate addresses.

Moreover, Dash has a potential impact onthe point-of-sale industry via strategic partnerships. While Bitcoin was intended to serve as the first peer-to-peer cryptocurrency protocol, Ripple was developed to serve as a payment system, a remittance network and a currency exchange.

Unlike Ripple, the Bitcoin blockchain needs a mining process. This is why Bitcoin transactions are often taking more time to be authorized than those of Ripple. Ripple transactions take just 4 seconds to be authorized. Ripple can track information of any kind, whereas the Bitcoin network only tracks the movement of Bitcoins. More interestingly, to buy or sell Bitcoins, one has to use the centralized exchange which may crash at any time. However, one can buy or sell Ripple on its own secure network.

Litecoin can handle a wider volume of transactions, thanks to its faster block generation. A merchant who waited for a minimum of two confirmations would require waiting for only five minutes, while it would wait for 10 minutes for just one confirmation with a Bitcoin. Monero is a privacy-centric digital moneyinvented,while attempting to address the privacy and fungibility issues found in Bitcoin, and to be utilized as a trustless and anonymous currency.

Additionally, the value of Bitcoin has attracted a lot of miners compared to Monero, and thusit is more costly to attack Bitcoin than Monero. The Monero blocks are produced on average every 2 minutes, while Bitcoin blocks are produced on average every 10 minutes. Last but not least, Monero is one of the fewer digital currencies that have cryptographers working meticulously on them. If one visits the Monero website, it can see some of the research that has been published on the features and the limits of this cryptocurrency.

Besides, the cryptographers are actively working on determining and correcting any flaws in this virtual currency. Predicting how these coins will be operating in longer time horizons is not easy due to the rapid ascend of their industry.

However, it is reasonable to believe that Dash, Ethereum, Litecoin, Monero and Ripple will be around in the long run. Given the large community supporters, the adaptability to integrate a new technology from the Bitcoin protocol as well as the security, the privacy and the anonymity of these crypto coins, the new digital currencies contend to be better alternatives to Bitcoin because of their additional features.