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Pay Per Bid Auctions - How can Penny Auctions Work Anyway
If you dig around online wondering "how do penny auctions work" and "what are penny auctions?" you'll see the most popular threads from people who scream towards the top of their lungs that "penny auctions area all scams".
You need to specify there are some penny auction sites that do scam their users by creating never-ending auctions. This really is most typical on sites that sell their own products - essentially the penny sites that do not offer a true industry for individuals to sell many.
To call every penny auction site a gimmick is like saying all mechanics or automotive repair shops are scammers. Yes, some of them are unethical in their business practices but i am not saying all mechanics can be harmful news.
With that in mind, let's tackle the main question...
How Do Penny Auctions Work
Most work off an identical auction model in which a product is listed for any penny. These items could be anything, however they are typically popular brand name items and electronics, gift cards, cash prizes, etc. To be able to place a bid on the item you need to purchase a pack of bids; each bid costs anywhere from five cents to greater than a dollar depending on the site.
While you invest in the item, the cost increases by 1 penny and the timer around the auction resets. These countdown timers on pay per bid penny auctions are anywhere from 10 seconds to 60 seconds. The last person to bid once the timer reaches zero wins the auction. That individual pays the listed price of the product when the auction ends.
In many penny auctions, users get items for any fairly steep discount though there are several pay per bid sites that don't concentrate on countdown auctions. Another common bid auction types are Purchase it Now auctions (referred to as a "reveal the price" auction), Lowest Unique Bid and 100% off (or zero bid) auctions.
Each of these auctions works differently, as well as a different strategy. There do have something in keeping however and that is always a bit of a nail-biting anxiety to getting the product ultimately.
No matter what kind of bid auction you join, you will be facing steep competition that requires a reasonable quantity of planning, right down to deciding the number of bid packs you want to purchase. Since some auctions can take a reasonable amount of time to complete and could require a substantial investment of bids and time, the last thing you want to do is run out of bids.
Are Penny Auctions Legit?
Around other traditional auction sites like eBay, yes - although not all of them. The most crucial a part of setting up a strategy for bidding is ensuring you research and review the entire site when it comes to policy, rules and exactly how the machine works.
Make use of the information available to determine whether the website you choose is honest or if lots of users have experienced problems collecting their goods - or losing constantly. Protect your personal interests and you will be able to use the data gained here how penny auctions operate in order to locate success in your attempts.
