SterlingDerrick985
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Pay Per Bid Auctions - How Do Penny Auctions Work Anyway
If you dig around online wondering "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 sites that do scam their users by creating never-ending auctions. This is most typical on sites that sell their very own products - essentially the penny sites that don't provide a true industry for individuals to sell their products.
To call every penny auction a scam 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 said, let's tackle the primary question...
How can Penny Auctions Work
Most work off an identical auction model where a method is listed for any penny. These products 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 have to buy a pack of bids; each bid costs between a few cents to greater than a dollar depending on the site.
As you invest in the item, the price increases by 1 penny and the timer on the auction resets. These countdown timers on pay per bid penny auctions are between 10 seconds to 60 seconds. The final person to bid when the timer reaches zero wins the auction. That individual pays the listed cost of the item once the auction ends.
In many penny auctions, users get items for a fairly steep discount though there are some pay per bid sites that do not focus on countdown auctions. The other 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, and requires a different strategy. There will have one thing in keeping however and that's always a nail-biting anxiety to getting the item ultimately.
No matter what type 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 reasonable period of time to complete and may require a substantial investment of bids and time, the very last thing for you to do is run out of bids.
Are Penny Auctions Legit?
As much as other traditional auction sites like eBay, yes - but not these. The most crucial part of generating a strategy for bidding is making sure that you research and evaluate the entire site when it comes to policy, rules and exactly how the machine works.
Make use of the information available to determine if the website you select is reputable or maybe a lot of users have experienced problems collecting their goods - or losing constantly. Protect your own interests and you'll be able to use the data gained here how penny auctions work in order to find success in your attempts.
