Another company joins the Bitcoin train. Octagon Networks is a global cybersecurity company that employs over 20 people. On June 6, Octagon Networks announced that it had completed the conversion of its liquid assets and balance sheet to Bitcoin (BTC).
The group will also accept Bitcoin payments for all services. There is a 50% discount if paid in Bitcoin.
Octagon Networks is the first cybersecurity company that has converted its entire balance sheet to #Bitcoin. We will accept Bitcoin payments and offer a discount to encourage Bitcoin use. Read More: https://t.co/32mcdlUEGu
— Octagon Networks (@OctagonNetworks) June 5, 2022
Cointelegraph spoke with the cofounders of Octagon Networks from Ethiopia, who preferred not to be identified. They said that their belief in Bitcoin drove them to adopt Bitcoin, as well as the desire to support it.
We are big believers and proponents of Bitcoin. We believe in Bitcoin as a decentralized money system that can be moved at the speed light.
They said that the “$25,000” area could be the bottom of a bear market. However, they added that the Bitcoin they had accumulated “doesn’t affect our operating expenses as everyone here is a believer in Bitcoin’s mission.”
The team stated that, contrary to the common belief that Bitcoin adoption is an attack against fiat currency, they are proud of their Ethiopian roots and continue to use local currencies in addition to Bitcoin.
People interpret this as an attack against USD or ETB [Ethiopian Birr]. It’s neither. Both are used daily in our daily lives. We choose Bitcoin because we believe in the secure distributed network Bitcoin created.”
Octagon Networks explained to me that while Bitcoin’s volatility is difficult for westerners to take, some of its employees prefer Bitcoin. Many currencies across Africa have lost their purchasing power, including the CFA Franc, which is used in 14 African countries. This has left governments powerless.
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Octagon Networks also told Cointelegraph that Bitcoin is highly respected in the cybersecurity industry. The hash rate, which is effectively a network security metric, has been at new highs for the past decade. Bitcoin has not been hacked in the last decade.
“Bitcoin is the best option for cyber security.
Popular Bitcoin Maximalists like Cory Klippsten (founder of Swan Bitcoin) were quick to celebrate another company’s conversion to Bitcoin standards.
Let’s get Octagon Networks going! https://t.co/gjT5wggQBw
Cory Klippsten (@coryklippsten), June 5, 2022
The term “Bitcoin Standard” refers to a person, company or business that adopts Bitcoin in a manner that places Bitcoin first. El Salvador was, for instance, the first country that adopted a Bitcoin standard.