Cybersecurity firm supports Bitcoin ( $63,883.00 ) ‘mission,’ converts balance sheet to BTC

Another business jumps aboard the Bitcoin ( $63,883.00 ) bandwagon. Octagon Networks, a global cybersecurity network company with over 20 employees announced on June 6 that it had “finished the process of converting its liquid assets and entire balance sheet into Bitcoin ( $63,883.00 ) (BTC).” 

The group will also “start accepting Bitcoin ( $63,883.00 ) payments for all of our services, with a 50% discount when paid in Bitcoin ( $63,883.00 ) .”

Today, Octagon Networks becomes the first cybersecurity company to convert it’s entire balance sheet into # Bitcoin ( $63,883.00 ) . We will also start accepting payments in Bitcoin ( $63,883.00 ) , and offering a discount to encourage the use of Bitcoin ( $63,883.00 ) .

Read More: https://t.co/32mcdlUEGu

— Octagon Networks (@OctagonNetworks) June 5, 2022

Cointelegraph spoke to the Ethiopian cofounders of Octagon Networks, who preferred to remain anonymous. They explained that adopting Bitcoin ( $63,883.00 ) was driven by a belief in Bitcoin ( $63,883.00 ) and volition to support the network:

“We are large proponents and believers in Bitcoin ( $63,883.00 ) . 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 the bear market, while qualifying that the Bitcoin ( $63,883.00 ) they have accumulated “doesn’t affect our operating costs as everyone who works here is a sole believer in the mission of Bitcoin ( $63,883.00 ) .”

The team stressed that — contrary to a commonly held belief that adopting Bitcoin ( $63,883.00 ) is an attack on fiat currency — the group is proud of its Ethiopian roots and continues to use local currencies as well as Bitcoin ( $63,883.00 ) :

“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 ( $63,883.00 ) is simply because we believe in the secure distributed network Bitcoin ( $63,883.00 ) has created.”

Nonetheless, while the volatility of Bitcoin ( $63,883.00 ) is too much for those in the western world to stomach, Octagon Networks explained that some of its employees choose Bitcoin ( $63,883.00 ) as their preferred currency. Across Africa, several currencies — especially the CFA franc, a currency in use across 14 African nations — have lost purchasing power while leaving governments powerless.

Related: Why the rise of a Bitcoin ( $63,883.00 ) standard could deter war-making

Moreover, Octagon Networks told Cointelegraph that within the cybersecurity industry, Bitcoin ( $63,883.00 ) is well-respected. Over the past decade, Bitcoin ( $63,883.00 ) has not been hacked, while the hash rate (effectively a network security metric) continues to reach new highs:

“From a cyber security perspective, it makes sense to bet on Bitcoin ( $63,883.00 ) than anything else.”

Popular Bitcoin ( $63,883.00 ) Maximalists such as Cory Klippsten, founder of Swan Bitcoin ( $63,883.00 ) , were quick to celebrate another company upgrading its business practices to a Bitcoin ( $63,883.00 ) standard.

Let’s go Octagon Networks! https://t.co/gjT5wggQBw

— Cory Klippsten (@coryklippsten) June 5, 2022

The term “ Bitcoin ( $63,883.00 ) standard” refers to an individual, business or company adopting Bitcoin ( $63,883.00 ) in a way that puts Bitcoin ( $63,883.00 ) first. El Salvador, for example, was the first country to adopt a Bitcoin ( $63,883.00 ) standard.

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