Premium wiki page article about online penny auctions with some warnings that it should not be played by the faint-hearted or those with an addictive personality.
Every day it seems some bright spark launches a new website that has something extra about it that marks it as a potential big success story.
Like any product the trouble is that successful looking sites tend to get copied and if the copies are even better organised the original thinker becomes the loser.
When big companies start to have the jitters about smaller upstarts they can blow them out of the water with better marketing or as a last resort can do something called a rebranding exercise.
There are good successful auctions on the internet and equally there are some bad ones. Choosing one you are prepared to anticipate in means the fine print must be read as closely as a lawyer reading small print in a billionaire’s pre-nuptial agreement.There can be many pitfalls and troubles waiting any participant in penny auctions if they do not have a full and comprehensive understanding of all the rules before taking part.
The first thing to understand is that unlike conventional auctions the bids are all kept by the auctioneer and so it is possible and indeed probable that at the end of the auction the losing bidders are out of pocket and have nothing at all to show for it.
Once this basic fact is understood there are committed bidders experienced enough to get strings of successful winning bids because they have the experience to work the system in their favour albeit after some initial long runs of losing.
BidVid is a strong growing auction site because the rules are clearly laid out and within a short time any new member once signed in will start to enjoy the risk factor and quickly get a grasp of the way it all works.
These types of penny auctions are not for someone with an addictive character or with very limited funds as it can be as bad as any other addiction that involves the passing over of cash.
In a nutshell, the items which are always new and original quality increase with every bid by just a face value of one penny. The bids, however, are costing typically one pound or even one pound and fifty pence for every one of these incremental penny rises.
It’s easy to do the maths and discover that the bargain of a twenty eight pound laptop with a retail value of one thousand pounds means that collectively a lot more than the retail value has fallen to the auctioneer.
If you enjoy the sense of gamble and are prepared to take some risks then with a bit of expensive practice it may be possible to make some profit at the end of the day. But do not fool yourself like the proverbial horse race gambler who buys drinks all rounds on a good day but never mentions the bad days when his horse limps home in last place.