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Pay Per Bid Auctions - How can Penny Auctions Work Anyway
Should 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".
It's important 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 very own products - essentially the penny auction sites that don't provide a true industry for individuals to sell their products.
To call every penny auction site a scam is much 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 primary question...
How can Penny Auctions Work
Most work off a similar auction model where a product is listed for a penny. These items could be anything, however they are typically popular name brand items and electronics, gift certificates, cash prizes, etc. In order to place a bid on the item you have to purchase a pack of bids; each bid costs between a few cents to more than a dollar depending on the site.
As you invest in the item, the price increases by 1 penny and the timer around the auction resets. These countdown timers on pay per bid penny auctions are anywhere from Ten seconds to 60 seconds. The final person to bid once the timer reaches zero wins the auction. That individual pays the listed price of the product once the auction ends.
In many penny auctions, users get items for any fairly steep discount though there are several pay per bid sites that do not concentrate on countdown auctions. Another 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 another strategy. There do have one thing in common however and that is always a nail-biting anxiety for you to get the product in the end.
Regardless of 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 may take a fair period of time to accomplish and may require a substantial investment of bids and time, the very last thing you want to do operates out of bids.
Are Penny Auctions Legit?
Around other traditional sites like eBay, yes - although not these. The most crucial a part of generating a technique for bidding is making sure that you research and review the entire site in terms of policy, rules and the way the system works.
Use the information available to determine if the site you select is reputable or if a lot of users have experienced problems collecting their items - or losing constantly. Protect your own interests and you will be able to use the data gained here how penny auctions operate in order to locate success in your attempts.
