Another enterprise jumps aboard the Bitcoin bandwagon. Octagon Networks, a worldwide cybersecurity community firm with over 20 workers introduced on June 6 that it had “finished the process of converting its liquid assets and entire balance sheet into Bitcoin (BTC).”
The group will even “start accepting Bitcoin payments for all of our services, with a 50% discount when paid in Bitcoin.”
Today, Octagon Networks turns into the primary cybersecurity firm to transform it is total steadiness sheet into #Bitcoin. We will even begin accepting funds in Bitcoin, and providing a reduction to encourage using Bitcoin.
Read More: https://t.co/32mcdlUEGu
— Octagon Networks (@OctagonNetworks) June 5, 2022
Cointelegraph spoke to the Ethiopian cofounders of Octagon Networks, who most well-liked to stay nameless. They defined that adopting Bitcoin was pushed by a perception in Bitcoin and volition to assist the community:
“We are large 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 “$25,000 area” could possibly be the underside of the bear market, whereas qualifying that the Bitcoin they’ve gathered “doesn’t affect our operating costs as everyone who works here is a sole believer in the mission of Bitcoin.”
The workforce confused that — opposite to a generally held perception that adopting Bitcoin is an assault on fiat foreign money — the group is happy with its Ethiopian roots and continues to make use of native currencies in addition to Bitcoin:
“People are interpreting this as an attack on USD or ETB [Ethiopian birr]. It is neither. We use both daily for our day-to-day lives, our decision about Bitcoin is simply because we believe in the secure distributed network Bitcoin has created.”
Nonetheless, whereas the volatility of Bitcoin is an excessive amount of for these within the western world to abdomen, Octagon Networks defined that a few of its workers select Bitcoin as their most well-liked foreign money. Across Africa, a number of currencies — particularly the CFA franc, a foreign money in use throughout 14 African nations — have misplaced buying energy whereas leaving governments powerless.
Related: Why the rise of a Bitcoin normal might deter war-making
Moreover, Octagon Networks informed Cointelegraph that inside the cybersecurity trade, Bitcoin is well-respected. Over the previous decade, Bitcoin has not been hacked, whereas the hash price (successfully a community safety metric) continues to achieve new highs:
“From a cyber security perspective, it makes sense to bet on Bitcoin than anything else.”
Popular Bitcoin Maximalists equivalent to Cory Klippsten, founding father of Swan Bitcoin, had been fast to have fun one other firm upgrading its enterprise practices to a Bitcoin normal.
Let’s go Octagon Networks! https://t.co/gjT5wggQBw
— Cory Klippsten (@coryklippsten) June 5, 2022
The time period “Bitcoin standard” refers to a person, enterprise or firm adopting Bitcoin in a means that places Bitcoin first. El Salvador, for instance, was the primary nation to undertake a Bitcoin normal.