Another business is jumping on board the bitcoin cart. Octagon Networks, a global cybersecurity networking company with more than 20 employees, announced on June 6 that it has “completed the process of converting its liquid assets and entire balance into 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 transform its entire balance sheet into #Bitcoin. We will also begin accepting Bitcoin payments and offering discounts to encourage the use of Bitcoin.
Read more: https://t.co/32mcdlUEGu
— Octagon Networks (@OctagonNetworks) June 5, 2022
Cryptooshala spoke to the Ethiopian co-founders of Octagon Networks, who preferred to remain anonymous. They explained that the adoption of Bitcoin was driven by belief in Bitcoin and the desire to keep the network going:
“We are big supporters 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 “$25,000 area” could be the bottom of a bear market, while elaborating that the bitcoin they have accumulated “does not affect our operating costs as everyone who works here is the only one who believes in the mission of bitcoin.”
The team emphasized that – contrary to popular belief that adopting bitcoin is an attack on fiat currency – the group is proud of its Ethiopian roots and continues to use local currencies as well as bitcoin:
“People interpret this as an attack on the US dollar or ETB. [Ethiopian birr]. It is neither one nor the other. We use them every day in our daily lives, our decision for Bitcoin is made simply because we believe in the secure distributed network created by Bitcoin.”
However, despite bitcoin’s volatility being too high for Westerners, Octagon Networks explained that some of its employees are choosing bitcoin as their currency of choice. Across Africa, several currencies, especially the CFA franc, the currency used in 14 African countries, have lost purchasing power, leaving governments powerless.
Why the rise of the Bitcoin standard could contain the war
Moreover, Octagon Networks told Cryptooshala that Bitcoin is held in high regard in the cybersecurity industry. Over the past decade, Bitcoin has not been hacked, and hash rates (actually a measure of network security) continue to hit new highs:
“From a cybersecurity standpoint, it makes sense to bet on bitcoin rather than anything else.”
Popular bitcoin maximalists like Corey Clippsten, founder of Swan Bitcoin, were quick to point out another company that has upgraded its business practices to the bitcoin standard.
Let’s go to Octagon Networks! https://t.co/gjT5wggQBw
– Corey Clippsten (@coryklippsten) June 5, 2022
The term “Bitcoin Standard” refers to an individual, business, or company that accepts Bitcoin in a way that puts Bitcoin first. El Salvador, for example, was the first country to adopt the Bitcoin standard.
Credit : cointelegraph.com