Right Understanding Of Penny Auctions.
Many people have started recently to notice the advertising of different auctions, in most cases penny auctions. So how do they work? Is is really possible to win the item for 5-10% of its real cost or is it just another kind of scam and deception? I will try to answer these questions in this article.
In order tto properly understand and evaluate penny auctions,, they must be thoroughly explored. I will try in this article give you a complete picture of penny auction on the example of one of them. I’ll tell you about the pitfalls and whether it is worth to play.
Let’s start from the beginning. Penny auction – is an auction where the goods are put up initially at the lowest price, on the auction where I practiced the starting price was 1 dollar. Consider the example.
It is exposed a lot “towel” for 1 dollar. Blitz lot price is 220 dollars. Bidding starts. Typically, professionals are waiting until the last moment and only then begin to participate that is why the price may be a dollar almost until the last seconds of auctions. So someone made the first bid and the price is increased by the appropriate step size, on the test auction the step is 25 cents. The price was 1.25 dollars. Nick of the player who made the last bet is displayed under the lot.
Now let’s talk about the value of the bet. Do you think it is 25 cents? The bet is an intra-auction currency and must be purchased before the auction, you can certainly buy it during the process, but I do not recommend. The cost varies on the amount of purchased bets. For example, a package of 20 bets is worth 180 dollars and the price of one bet is 9 dollars. When you purchase a package of 3000 bidding the price will be 7.33 dollars per bet. In general, I think the price is understandable, the more you take, the cheaper one bet is. There is an option to buy via SMS, but it is the most expensive, depends on an operator and somewhere to 12-14 dollars per one bet.
So now calculate the money or how the process occurs from the inside. Somebody made a bet and spent 7.9 dollars, but the lot price was increased by only 25 cents. The next party did the same thing and so on. If the lot is very interesting, such as cell phones or iPods, then game will be a life and death that is why I just do not recommend beginners even trying to participate in such auctions, the money will be merged. Think by your head!
Before playing in penny auctions, read carefully the rules, read all instructions, please visit the forum, practice in training auctions. And do not try to beat the professionals at once, start with inexpensive lots, participate in discussions in the chat, and get on the right side of members.
Are you a fan of auction sites? Then you no doubt need to check out Moloyo site. This Moloyo site actually is one of the latest auction sites in the online auction industry. So all the lovers of penny auctions are recommended to review this Moloyo site.
And remember that we live in the world of high online technologies. It wouldn’t be smart not to use the online network to find anything to get it at the best prices available on the market. Search engines, social networks, blogs and forums – all this will assist you to make a decision on many issues.
