Another business jumps on the bitcoin bandwagon. Octagon Networks, a global cybersecurity network company with more than 20 employees, announced on June 6 that it has “ended the process of converting its liquid assets and entire balance sheet to bitcoin (BTC).”
The group will “begin accepting bitcoin payments for all of our services, with a 50% discount if you pay in bitcoin.”
Today, Octagon Networks split its entire balance sheet into . has become the first cyber security company to convert #bitcoin, We will also begin accepting payments in bitcoin, and offer discounts to encourage the use of bitcoin.
Read more: https://t.co/32mcdlUEGu— Octagon Networks (@OctagonNetworks) 5 June 2022
Cointelegraph spoke to the Ethiopian cofounders of Octagon Networks, who preferred to remain anonymous. He explained that bitcoin adoption was driven by a belief in bitcoin and a desire to support the network:
“We are big supporters and believers in bitcoin. We truly believe in decentralized money that can be moved at the speed of light.”
He added that the “$25,000 zone” could be at the bottom of a bear market, while qualifying that the amount of bitcoin he deposited “doesn’t affect our operating costs because everyone who works here is the only one in bitcoin’s mission.” is a believer.”
The team stressed that – contrary to the commonly held belief that the adoption of bitcoin is an attack on fiat currency – the group is proud of its Ethiopian roots and continues to use bitcoin alongside local currencies:
“People are interpreting this as an attack on USD or ETB” [Ethiopian birr], It isn’t either. As we use it daily for our daily lives, our decision about bitcoin is simply because we believe in the secure distributed network created by bitcoin.”
Still, while bitcoin’s volatility is too much for people in the Western world to stomach, Octagon Networks reported that some of its employees choose bitcoin as their preferred currency. Across Africa, many currencies – notably the CFA franc, the currency used in 14 African countries – have lost purchasing power, leaving governments powerless.
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Furthermore, Octagon Networks told Cointelegraph that within the cybersecurity industry, bitcoin is highly respected. Over the past decade, bitcoin has not been hacked, while the hash rate (effectively a network security metric) continues to reach new highs:
“From a cybersecurity perspective, it makes sense to bet on bitcoin more than anything else.”
Popular bitcoin maximalists such as Swan Bitcoin founder Corey Klipston were quick to celebrate another company upgrading their business practices to the bitcoin standard.
Let’s go Octagon Network! https://t.co/gjT5wggQBw— Corey Klipston (@coryklippsten) 5 June 2022
The term “bitcoin standard” refers to an individual, business or company adopting bitcoin in a way that puts bitcoin first. El Salvador, for example, was the first country to adopt the bitcoin standard.