Another company is jumping on the bitcoin bandwagon. Octagon Networks, a global network cybersecurity company with more than 20 employees, announced on Monday that “the process of converting its liquid assets and entire balance sheet into bitcoin (BTC) has been completed.”
The group will also start “accepting bitcoin payments for all our services, with a 50% discount when paying in bitcoins.”
Today, Octagon Networks is the first cybersecurity company to convert its entire balance sheet into #Bitcoin. We will also start accepting payments in Bitcoin, and offering discounts to encourage the use of Bitcoin.
Read more: https://t.co/32mcdlUEGu
– Octagon Networks (@OctagonNetworks) June 5, 2022
Octagon Networks is the first cybersecurity company today to convert its entire balance sheet to #Bitcoin. We will also start accepting bitcoin payments, and offering discounts to encourage the use of bitcoin. More info: https://t.co/32mcdlUEGu – Octagon Networks (@OctagonNetworks) June 5, 2022
Cointelegraph spoke to the co-founders of Octagon Networks in Ethiopia, who preferred to remain anonymous. They explained that the adoption of bitcoin was driven by belief in it and the desire to support the network:
“We are big supporters of bitcoin and believers. We believe in a truly decentralized form of money that can be transferred at the speed of light ”.
They added that the “$ 25,000 zone” could be the bottom of the bear market, qualifying that the bitcoins they have accumulated do not affect operating costs, as everyone who works here believes only in the mission of bitcoin.
The team pointed out – contrary to popular belief that the adoption of bitcoin is an attack on fiat currency – that the group is proud of its Ethiopian roots and continues to use local currencies as well as bitcoin:
“This is an attack on USD or ETB [birr éthiopien]. It’s not either. We use both on a daily basis for our daily lives, our decision on bitcoin is made only because we believe in the secure distribution network that bitcoin has created. “
However, while bitcoin volatility is too much for Westerners to bear, Octagon Networks explained that some of their employees choose bitcoin as their preferred currency. In Africa, some currencies – most notably the CFA franc, a currency used in 14 African countries – have lost their purchasing power and left governments without power.
Read also: Why The Emergence Of Bitcoin Standard Could Stimulate War
In addition, Octagon Networks told Cointelegraph that the cybersecurity industry respects Bitcoin. Over the last decade, Bitcoin has not been hacked, and the hahsrate (an effective measure of network security) continues to reach new heights:
“From a cybersecurity perspective, betting on bitcoin makes more sense than anything else.”
Popular bitcoin maximalists, such as Cory Klippsten, founder of Swan Bitcoin, were quick to celebrate the upgrade of another company’s business practices to the Bitcoin Standard.
Let’s go Octagon Networks! https://t.co/gjT5wggQBw
– Cory Klippsten (@coryklippsten) June 5, 2022
Let’s go with Octagon Networks! https://t.co/gjT5wggQBw
– Cory Klippsten (@coryklippsten) June 5, 2022
The term “Bitcoin Standard” refers to an individual, business or corporation that accepts bitcoin by bringing it forward. El Salvador, for example, was the first country to adopt a standard Bitcoin.
