​Yes or no? Why or why not?

Ok by me. It's an ancient rite of initiation from Judaism into Christianity welcoming the new baby into the community. It may be common in other cultures since it's obviously a form of welcoming/purification and may even precede Judaism originating in washing the new-born child.

If you're questioning its connection to "original sin" in Christianity, that arrives with St. Augustine when he was sitting around one day in Hippo with nothing to do and wanted to exercise his newly-acquired episcopal muscles.

I agree -- baptism (Christianity) "replaced" circumcision (Judaism, Islam, and Orthodox Christianity) as a welcome into the religious community.

According to Wikipedia, Infant Baptism:
"Thus God takes the very first step in salvation, preceding any human effort or decision. Methodists justify infant baptism by this principle of prevenient grace, often arguing that infant baptism is God's promise or declaration to the infant that calls that infant to (eventually) believe in God's promises (God's Word) for salvation."

That's why at least two godparents (aka sponsors) are present with the child's parents at the baptismal font. As the child is baptized, the Holy Spirit creates faith in that child and empowers the parents and godparents to spiritually guide the maturing child to grow in Christian faith by reading Bible stories to the child, teaching the child how to pray, learn favorite Christian songs/hymns, faithfully attend regular/special/seasonal church services plus Sunday School throughout the year. Confirmation later gives the child the opportunity to express faith in front of the congregation that has also been involved in its Christian upbringing through church services, Sunday School, VBS, etc.

yup - good job, wikipedia and WG.