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Penny Bids: Gambling or Buying by Amit Sharma
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Penny Bids: Gambling or Buying |
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Business
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Penny Bids, or Penny Auction as it is known in many circles, are perceived in the negative light by many. That does not, however, keep the people away from bidding on these sites. The thought, however, is changing these days, and people love bidding. It is a sort of an online gambling activity which is seamlessly merged with auctioning. There are a number of online web pages and websites for such activities. Such websites post about different products that are to be auctioned. Items that can be auctioned include electronic gadgets, home appliances, furniture, utensils and a whole lot of other consumer goods. Requirements to bid on these sites People want to bid on these sites, have to buy a bid package first, for a certain value. This means that by paying a particular amount they can have a certain number of bids to call out. This number of bids can be exhausted strategically to their benefit. The objects that are put up for auction or bid have no value initially. As users bid for that particular object, the value of that object increases by a penny, and with a virtual countdown timer, little time fragments of 10 to 20 seconds are added. The users compete among themselves to achieve the target of being the highest bidder before the time runs out. How to bid on these sites? The bidding can be done by the user manually. He can do it himself or he can choose the option for auto-bidding which will make the website bid for that particular user at the very last second. The countdown timer ads to the excitement level of the users and imbibe a spirit of competition among them. The technique make the bidders desire to outbid each other. And each time a bidder or a user bids from among the bid packages the price increases. Why do people bid on these sites? So the actual and ultimate idea is, that if an user bids and wins a particular auction then the user or bidder have not actually won the product put up for that auction but only the rights to buy it at the final price of the product set by the website. This price is obviously less than the actual market price of the product. Things to know before bidding The only catch is, if the bidder does not win the auctioned product, he will not get the money for the bid package back. So that is a loss incurred by him. Of course, the money of the bid packages is not refundable. Whereas, if a bidder wins the bid for a product that he had placed a price for, he gets it at a much lower rate. This is, however, the part and rule of the game. After all, that is how online auctions are designed. This is often showed in a negative limelight. Yet, people who love auctioning and bidding do not take a back-seat. A lot of people love penny bids and auctioning sites, and urge to invest money and engage in a little interesting game of auctioning.
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