Octagon Networks, an Ethiopia-based global cybersecurity firm, has announced that it would provide half-price discounts for bitcoin payments. It is the latest company to accept the crypto currency, as the firm of over 20 employees announced that it had “finished the process of converting its liquid assets and entire balance sheet into Bitcoin (BTC).”
The company will also “start accepting Bitcoin payments for all of our services, with a 50% discount when paid in Bitcoin.”
Doing so, the company’s co-founders told Cointelegraph, that the initiative came from a belief in cryptocurrency. “We are large proponents and believers in Bitcoin,” they said. “We believe in a truly decentralized form of money that can be transferred at the speed of light.” They added that every one of their employees is a “sole believer in the mission of Bitcoin.”
The team also wanted to emphasise that the firm will continue to use local currencies, as well as Bitcoin, adding that adopting cryptocurrency is not an attack on fiat currency, adding that the decision stems from a belief “the secure distributed network Bitcoin has created.”
The firm said that within its industry, Bitcoin has been well-respected. It has not been hacked and its hash rate, a network security metric, is high. “From a cyber security perspective, it makes more sense to bet on Bitcoin than anything else.”
Octagon Networks joins Microsoft, Starbucks, and PayPal in accepting crypto. That list also includes a number of popular sports sides. American Football side, the Miami Dolphins, and Portuguese football club, Benfica are among them. Both intend to offer home game attendees the chance to buy tickets through crypto, with the latter also accepting it as payment for merchandise.
According to HotCars, several car dealers in America have also started accepting cryptocurrency as a payment method. This includes a Lamborghini dealer in Costa Mesa, California. Another is Post Oak Motor Cars. This Houston, Texas-based dealer became the first Rolls Royce, Bentley, and Bugatti dealer to accept cryptocurrency in September 2018.
It partnered with BitPay, a payment service that allows customers to pay using cryptocurrencies. This move has expanded the reach of customers far beyond the state, as providing the option of paying in cryptocurrency, allows it to accept purchases from customers worldwide. This also allows for greater conveniences compared with other dealers.