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Pay Per Bid Auctions - How can 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 there are some penny sites that do scam their users by creating never-ending auctions. This is most common on sites that sell their very own products - basically 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 like saying all mechanics or automotive repair shops are scammers. Yes, some of them are unethical within their business practices but i am not saying all mechanics can be harmful news.
With that said, let's tackle the main question...
How can Penny Auctions Work
Most work off a similar auction model in which a product is listed for a penny. These items can be anything, but they're typically popular name brand items and electronics, gift certificates, cash prizes, etc. To be able to place an offer around the item you need to buy a pack of bids; each bid costs between a few cents to more than a dollar depending on the site.
While you bid on the product, 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 Ten seconds to A minute. 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 most penny auctions, users get items for a 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.
All these auctions works differently, and requires a different strategy. There will have something in keeping however and that is always a nail-biting anxiety for you to get the product in the end.
Regardless of what type of bid auction you join, you'll be facing steep competition that requires a reasonable quantity of planning, right down to deciding how many bid packs you need to purchase. Since some auctions can take a reasonable period of time to complete and may require a substantial investment of bids and time, the last thing for you to do is run from bids.
Are Penny Auctions Legit?
As much as other traditional sites like eBay, yes - but not these. The most crucial a part of setting up a strategy for bidding is ensuring you research and review the entire site in terms of policy, rules and the way the system works.
Make use of the information available to determine whether the website you select is honest or maybe lots of users have experienced problems collecting their items - or losing constantly. Protect your own interests and you'll be able to use the knowledge gained here how penny auctions work in order to find success in your attempts.
