Another business jumps aboard the Bitcoin bandwagon. Octagon Systems, a worldwide cybersecurity network company with more than 20 employees announced on June 6 it had “finished the entire process of converting its liquid assets and whole balance sheet into Bitcoin (BTC).”
The audience may also “start accepting Bitcoin payments its our services, having a 50% discount when compensated in Bitcoin.”
Today, Octagon Systems becomes the very first cybersecurity company to transform it’s entire balance sheet into #Bitcoin. We’ll also start accepting payments in Bitcoin, and supplying a discount to inspire using Bitcoin.
Find Out More: https://t.co/32mcdlUEGu
— Octagon Systems (@OctagonNetworks) June 5, 2022
Cointelegraph spoke towards the Ethiopian cofounders of Octagon Systems, who chosen over remain anonymous. They described that adopting Bitcoin was driven with a belief in Bitcoin and volition to aid the network:
“We are large proponents and believers in Bitcoin. We feel inside a truly decentralized type of money that may be transferred in the speed of sunshine.”
They added the “$25,000 area” may be the bottom from the bear market, while qualifying the Bitcoin they’ve accrued “doesn’t affect our operating costs as everybody who works this is a sole believer within the mission of Bitcoin.”
They stressed that — unlike a generally held thought that adopting Bitcoin is definitely an attack on fiat currency — the audience is happy with its Ethiopian roots and is constantly on the use local currencies in addition to Bitcoin:
“People are interpreting this being an attack on USD or ETB [Ethiopian birr]. It’s neither. We use both daily for the day-to-day lives, our decision about Bitcoin is mainly because we feel within the secure distributed network Bitcoin has produced.”
Nevertheless, as the volatility of Bitcoin is simply too much for individuals within the civilized world to stomach, Octagon Systems described that a number of its employees choose Bitcoin his or her preferred currency. Across Africa, several currencies — particularly the CFA franc, a currency being used across 14 African nations — have forfeit purchasing power while departing governments powerless.
Furthermore, Octagon Systems told Cointelegraph that inside the cybersecurity industry, Bitcoin is well-respected. In the last decade, Bitcoin is not hacked, as the hash rate (effectively a network security metric) is constantly on the achieve new highs:
“From a cyber security perspective, it seems sensible to bet on Bitcoin than other things.”
Popular Bitcoin Maximalists for example Cory Klippsten, founding father of Swan Bitcoin, were quick to celebrate another company upgrading its business practices to some Bitcoin standard.
Let us go Octagon Systems! https://t.co/gjT5wggQBw
— Cory Klippsten (@coryklippsten) June 5, 2022
The word “Bitcoin standard” describes a person, business or company adopting Bitcoin in a manner that puts Bitcoin first. El Salvador, for instance, was the very first country to consider a Bitcoin standard.