I never looked at it as an alternate way to get saved. That is a decision each person can make for themselves as they get older. I always considered it a type of dedicating the baby to the Lord as a promise to raise the child up knowing about Him. I don't know if I consider it any sort of necessity....but it's a nice thing to do.
I'm sure that this is different in the Catholic Church. To some people, it's VERY important depending on their particular faith. Speak to your Pastor and see what he has to say about it.
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