Bitcoin Now Used by "the Google of China"

The Chinese web company Baidu, also known as the “Google of China,” is now accepting Bitcoin payments for Jiasule, its anti-DDoS (distributed denial of service) and firewall security product.

Baidu is the fifth most trafficked site in the world, according to it’s ranking at Alexa.com. It is also the most trafficked website in China.

“This is encouraging news, even more so since it is from China and with a NASDAQ-listed company,” John Matonis, Bitcoin Foundation’s executive director, told Mashable.com in an email. “I am confident that as more companies see the benefits of frictionless payments with low fees, immediate settlement and zero chargebacks, they will want to accept Bitcoin simply to remain competitive,” he said.

The Motley Fool declared back in April that Bitcoin was “doomed to fail.” They claimed it was too volatile, had “no fundamentals beyond the news cycle” and was held by a small number of hoarders.

Baidu, which has a market cap of $53 billion, appears to disagree… at least enough to experiment with the new currency. One wonders if this has anything to do with China’s recent bellowing about ending the dollar’s status as the world reserve currency. Either way, the U.S. government seems hell-bent on achieving that all by itself.

Click to enlarge the infographic below on the growing digital challenge to the government’s money monopoly. Courtesy of The Real Asset Co. (via @tkinder on twitter) You can also see our video tutorial on Bitcoin here. You can also join the conversation and follow us on twitter @dailyreckoning.

Jason Farrell

For The Daily Reckoning

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