E-coins have significantly simplified the activities involved in the exchange of goods and services. There is a growth in the popularity of the e-coin usage. The growth of e-coin users presents Goldman Sachs with a viable opportunity that needs to be utilized (Meiklejohn et al. pp 1-10).
For Goldman Sachs to acquire a strategic position in the future investment industry, it is crucial to introduce e-coin services to its portfolio. E-coins have numerous advantages that have contributed to their growing popularity (Meiklejohn et al, pp.20-25).
The number of e-coin users has grown at a high rate in recent times. By April 2015, the number of e-coin users stood at over 3million. The number of e-coin transactions is also on the increase with over 120,000 transactions per day as at March 2015. The e-coin market value is also inclining. These trends provide Goldman Sachs an opportunity to utilize in its quest to maintain competitive advantage over its rivals. With such high rates of growth in various e-coin components, the investment industry is expected to react. Investment executives from different firms are examining the e-coin market to assess the feasibility of earning good returns from it. It will be appropriate for Goldman Sachs to act before its competitors since there is growing attention towards this opportunity from various investment companies.
E-coin transactions are quick. A typical e-coin transaction only takes 5 minutes. Bank transactions across different borders take up to 5 days. E–coin transactions do not have charge transaction fees. The short time that e-coin transactions take will Ensure that Goldman Sachs handle more transactions that will in turn translate to increased revenues. Transaction costs will also decline since e-coin transactions do not charge transaction fees. The amount of cost minimized will contribute to increasing profits for Goldman Sachs.
E-coins are not controlled or regulated by central ...
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