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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'll see the common threads from people who scream at the top of their lungs that "penny auctions area all scams".
You need to specify that there are some penny auction sites which do scam their users by creating never-ending auctions. This really is most common on sites that sell their own products - basically the penny auction sites that do not offer a true industry for people to sell many.
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 an identical auction model where a product is listed for any penny. These products can be anything, but they're typically popular brand name items and electronics, gift certificates, cash prizes, etc. In order to place an offer around the item you need to purchase a pack of bids; each bid costs between a few cents to more than a dollar with respect to the site.
As you invest in the product, the cost increases by 1 penny and also the timer on the auction resets. These countdown timers on pay per bid penny auctions are anywhere from 10 seconds to A minute. The final person to bid once the timer reaches zero wins the auction. That each pays the listed cost of the item when the auction ends.
In many 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. Another common bid auction types are Purchase 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, as well as a different strategy. There do have something in common however and that is always a nail-biting anxiety to getting the product ultimately.
Regardless of what kind of bid auction you join, you will be facing steep competition that needs a fair quantity of planning, as a result of deciding how many bid packs you want 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 for you to do operates from bids.
Are Penny Auctions Legit?
As much as other traditional auction sites like eBay, yes - but not all of them. The most crucial part of generating a strategy for bidding is making sure that you research and review the entire site in terms of policy, rules and exactly how the system works.
Make use of the information open to determine if the site you choose is honest 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 on how penny auctions work in order to locate success in your attempts.
