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Pay Per Bid Auctions - How Do Penny Auctions Work Anyway
If you dig around online asking the question "how do penny auctions work" and "what are penny auctions?" you will see the most popular threads from individuals who scream at the top of their lungs that "penny auctions area all scams".
It's important to specify that there are some penny sites which do scam their users by creating never-ending auctions. This is most common on sites that sell their very own products - essentially the penny auction sites that don't offer a true marketplace for individuals to sell their products.
To call every penny auction a gimmick is much like saying all mechanics or automotive repair shops are scammers. Yes, a number of them are unethical in their business practices but that doesn't mean all mechanics can be harmful news.
With that in mind, let's tackle the main question...
How can Penny Auctions Work
Most work off an identical auction model in which a product is listed for a penny. These items can be anything, however they are typically popular brand name items and electronics, gift cards, cash prizes, etc. To be able to place an offer around the item you have to purchase a pack of bids; each bid costs between five cents to greater than a dollar depending on the site.
While you invest in the product, the price increases by 1 penny and also the timer on the auction resets. These countdown timers on pay per bid penny auctions are anywhere from Ten seconds to A minute. The last person to bid once the timer reaches zero wins the auction. That each pays the listed price of the item once the auction ends.
In most penny auctions, users get items for a fairly steep discount though there are several pay per bid sites that don't concentrate on countdown auctions. The other common bid auction types are Buy it Now auctions (known as a "reveal the price" auction), Lowest Unique Bid and 100% off (or zero bid) auctions.
Each of these auctions works differently, and requires a different strategy. There do have something in common however and that's always a nail-biting anxiety for you to get the item ultimately.
No matter what kind of bid auction you join, you will be facing steep competition that needs a reasonable amount of planning, right down to deciding the number of bid packs you need to purchase. Since some auctions can take a reasonable period of time to complete and may need a substantial investment of bids and time, the very last thing you want to do is run out of bids.
Are Penny Auctions Legit?
As much as other traditional sites like eBay, yes - although not these. The most important part of generating a technique for bidding is making sure that you research and evaluate the entire site in terms of policy, rules and the way the system works.
Use the information open to determine if the website you select is reputable or maybe a lot of users have experienced problems collecting their items - or losing constantly. Protect your personal interests and you will be able to use the data gained here how penny auctions work in order to find success in your attempts.
