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Pay Per Bid Auctions - How Do Penny Auctions Work
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".
It's important to specify that there are some penny auction sites that do scam their users by creating never-ending auctions. This is most common on sites that sell their own products - essentially the penny auction sites that don't offer a true marketplace for people to sell their products.
To call every penny auction site a scam is like saying all mechanics or automotive repair shops are scammers. Yes, some of them are unethical in their business practices but that doesn't mean all mechanics are bad news.
With that said, let's tackle the primary question...
How Do Penny Auctions Work
Most work off a similar auction model where a product is listed for a penny. These products can be anything, but they're typically popular name brand items and electronics, gift cards, cash prizes, etc. In order to place a bid on the item you have to buy a pack of bids; each bid costs anywhere from a few cents to more than a dollar depending on the site.
As you bid on 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 anywhere from 10 seconds to 60 seconds. The last person to bid when the timer reaches zero wins the auction. That individual pays the listed price of the item when the auction ends.
In most penny auctions, users get items for a fairly steep discount though there are some pay per bid sites that don't focus 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 one thing in common however and that's always a bit of a nail-biting anxiety to getting the item in the end.
No matter what type of bid auction you join, you'll be facing steep competition that requires a fair amount of planning, right down to deciding how many bid packs you want to purchase. Since some auctions can take a fair amount of time to complete and may require a substantial investment of bids and time, the last thing you want to do is run out of bids.
Are Penny Auctions Legit?
As much as other traditional auction sites like eBay, yes - but not all of them. The most important part of setting up a strategy 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 choose is reputable or if a lot of users have had problems collecting their goods - or losing constantly. Protect your own interests and you'll be able to use the knowledge gained here on how penny auctions work in order to find success in your own attempts.
About the Author
Discover how to get top quality name brand items at extreme discounts through the #1 reverse auction site. Exceet is the new way to buy and sell goods online. Get high discounts and gain huge profits through the fairest bid auction site on the net.
Can you patent a specific type of web auction or referral services?
Sorry thats all the info I am able to give. I appreciate all the input possible.
Base on what you disclose, yes you can, or may be not. However, it is possible, but there is a catch.
Right, talk to a patent attorney and tell him/her in details what it is, then you will get a more professional advice.
Once you file the patent, 2-3 years later, you know whether patent office will grant your patent.
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