One other enterprise jumps aboard the Bitcoin bandwagon. Octagon Networks, a worldwide cybersecurity community firm with over 20 workers introduced on June 6 that it had “completed the method of changing its liquid belongings and whole stability sheet into Bitcoin (BTC).” 

The group may also “begin accepting Bitcoin funds for all of our companies, with a 50% low cost when paid in Bitcoin.”

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 help the community:

“We’re giant proponents and believers in Bitcoin. We imagine in a very decentralized type of cash that may be transferred on the pace of sunshine.”

They added that the “$25,000 space” could possibly be the underside of the bear market, whereas qualifying that the Bitcoin they’ve amassed “does not have an effect on our working prices as everybody who works here’s a sole believer within the mission of Bitcoin.”

The group pressured that — opposite to a generally held perception that adopting Bitcoin is an assault on fiat forex — the group is happy with its Ethiopian roots and continues to make use of native currencies in addition to Bitcoin:

“Persons are decoding this as an assault on USD or ETB [Ethiopian birr]. It’s neither. We use each every day for our day-to-day lives, our choice about Bitcoin is just because we imagine within the safe distributed community 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 forex. Throughout Africa, a number of currencies — especially the CFA franc, a currency in use across 14 African nations — have misplaced buying energy whereas leaving governments powerless.

Associated: Why the rise of a Bitcoin standard could deter war-making

Furthermore, Octagon Networks advised Cointelegraph that inside the cybersecurity trade, Bitcoin is well-respected. Over the previous decade, Bitcoin has not been hacked, whereas the hash fee (successfully a community safety metric) continues to reach new highs:

“From a cyber safety perspective, it is sensible to wager on Bitcoin than the rest.”

Standard Bitcoin Maximalists equivalent to Cory Klippsten, founding father of Swan Bitcoin, had been fast to rejoice one other firm upgrading its enterprise practices to a Bitcoin customary.

The time period “Bitcoin customary” refers to a person, enterprise or firm adopting Bitcoin in a approach that places Bitcoin first. El Salvador, for instance, was the first country to adopt a Bitcoin standard.