Another company jumps on the Bitcoin bandwagon. Octagon Networks, a global cybersecurity networking company with more than 20 employees, announced on June 6 that it had “completed the process of converting its liquid assets and entire balance sheet to Bitcoin (BTC).”
The group will also “start accepting Bitcoin payments for all of our services, with a 50% discount when paying in Bitcoin.”
Today, Octagon Networks becomes the first cybersecurity company to convert it’s entire balance sheet into #bitcoin. We will also start accepting payments in Bitcoin, and offering a discount to encourage the use of Bitcoin.
Read More: https://t.co/32mcdlUEGu
— Octagon Networks (@OctagonNetworks) June 5, 2022
Today, Octagon Networks becomes the first cybersecurity company to convert its entire balance to #Bitcoin. We will also start accepting payments in Bitcoin, and offering a discount to encourage the use of Bitcoin.
Cointelegraph spoke with the Ethiopian co-founders of Octagon Networks, who preferred to remain anonymous. They explained that the adoption of Bitcoin was driven by a belief in Bitcoin and a willingness to support the network:
“We are big proponents and believers in Bitcoin. We believe in a truly decentralized form of money that can be transferred at the speed of light.”
They added that the “USD 25,000 zone” could be the bottom of the bear market, while clarifying that the Bitcoin they have accumulated “does not affect their operating costs, since everyone who works there believes exclusively in the mission of Bitcoin”.
The team underscored that — contrary to the common belief that adopting Bitcoin is an attack on fiat currency — the group is proud of its Ethiopian roots and continues to use local currencies in addition to Bitcoin:
“People are interpreting this as an attack on the dollar or the ETB [birr etíope]. It is neither. We use both on a daily basis for our day to day life, our decision on Bitcoin is simply because we believe in the secure distributed network that Bitcoin has created.”
However, while the volatility of Bitcoin is too much for Westerners, Octagon Networks explains that some of their employees choose Bitcoin as their currency of choice. Throughout Africa, vSeveral currencies — especially the CFA franc, a currency used in 14 African nations — have lost purchasing power and left governments powerless.
Additionally, Octagon Networks told Cointelegraph that within the cybersecurity industry, Bitcoin is highly respected. During the last decade, Bitcoin has not been hacked, while the hash rate (effectively a network security metric) continues to hit new highs:
“From a cybersecurity perspective, it makes sense to bet on Bitcoin more than anything else.”
Popular Bitcoin maximalists, such as Cory Klippsten, founder of Swan Bitcoin, were quick to celebrate another company upgrading its business practices to a Bitcoin standard.
Let’s go Octagon Networks! https://t.co/gjT5wggQBw
— Cory Klippsten (@coryklippsten) June 5, 2022
The term “Bitcoin Standard” refers to an individual, business, or company that embraces Bitcoin in a way that puts Bitcoin first. El Salvador, for example, was the first country to adopt a Bitcoin standard.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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