Chinese internet search giant and platform developer Baidu is now accepting Bitcoin payments. The “Google of China” offers Jiasule, it’s anti-DDoS platform and firewall security product, via Bitcoin payments.
Bitcoin needed a big win after the US government shut down drug distributor Silk Road and seized 5% of all Bitcoins in circulation. Following the Silk Road closure, Bitcoin prices stumbled, only to reach a five-month high in October.
The backing of a real internet giant should help Bitcoin further place itself as a serious international currency which operates outside of normal conventions.
Baidu is the fifth most-visited website in the world and the top destination for people living in China.
In an email to Mashable, John Matonis, executive director of the Bitcoin Foundation said:
“This is encouraging news, even more so since it is from China and with a NASDAQ-listed company.”
With the new credibility given to Bitcoin, the currency could find itself delivering frictionless payments to providers with ultra-low fees, immediate settlement, and zero chargebacks.
Matonis believes Bitcoin will continue to grow as more retailers and other business begin to accept the online currency in order to remain competitive.
The San Francisco Chronicle notes that “On the Baidu news, the currency’s exchange rate value increased by a few dollars, not enough to say it was significantly affected. While the Chinese yuan makes up 12% of the exchanged currency, the US dollar still accounts for 68%.”
Bitcoin currency exchanges allow buyers to convert their local currency into Bitcoin cash and then use that money to purchase goods online.
Chinese authorities have a history of cracking down on digital currencies, which could cause trouble for Bitcoin users.
Do you think the Baidu deal with Bitcoin will help the digital currency gain mass market appeal all over the world?