Auctions are known as events where people sell possessions to the highest bidder. Historically, auctions were held in venues and were attended personally, but these days auctions are more associated with the internet.
A new version of auction that has begun to rise in popularity is the penny auction. These auction sites, like BidRivals, promise people the chance to win expensive items at surprisingly low prices.
Penny auction websites have a way of doing things differently than a traditional auction. One difference is that the auction is, not surprisingly, done in bids of one cent, or a penny. The biggest difference, however, is that you must pay a fee to the site for each bid.
For every time you bid in a penny auction, you will be required to pay a fee of between fifty cents and a dollar. Each penny auction website has its own particular bid fee, and most websites will sell you a package of bids in advance.
Penny auction sites like Quibids.com and BidRivals.com do something else differently: the "Buy It Now" feature. While this feature is available on traditional auction sites, it works differently than the one on eBay, for example.
The "Buy It Now" feature on eBay allows you to pledge a seller the price they wish for the item, and win that item without an auction. You receive that item at a discounted, pre-arranged price.
On Quibids.com and BidRivals.com this feature is very different. In the event you lose an auction, the "Buy It Now" feature will allow to take the money you spent in that auction and put it toward the full retail price of the item you were bidding on.
While this does not allow the buyer to receive a discounted price, the penny auction purveyors hope that it will alleviate much of the disappointment people may feel when they have paid to participate in an auction but ultimately lost their item.
A new version of auction that has begun to rise in popularity is the penny auction. These auction sites, like BidRivals, promise people the chance to win expensive items at surprisingly low prices.
Penny auction websites have a way of doing things differently than a traditional auction. One difference is that the auction is, not surprisingly, done in bids of one cent, or a penny. The biggest difference, however, is that you must pay a fee to the site for each bid.
For every time you bid in a penny auction, you will be required to pay a fee of between fifty cents and a dollar. Each penny auction website has its own particular bid fee, and most websites will sell you a package of bids in advance.
Penny auction sites like Quibids.com and BidRivals.com do something else differently: the "Buy It Now" feature. While this feature is available on traditional auction sites, it works differently than the one on eBay, for example.
The "Buy It Now" feature on eBay allows you to pledge a seller the price they wish for the item, and win that item without an auction. You receive that item at a discounted, pre-arranged price.
On Quibids.com and BidRivals.com this feature is very different. In the event you lose an auction, the "Buy It Now" feature will allow to take the money you spent in that auction and put it toward the full retail price of the item you were bidding on.
While this does not allow the buyer to receive a discounted price, the penny auction purveyors hope that it will alleviate much of the disappointment people may feel when they have paid to participate in an auction but ultimately lost their item.
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