There are many so called auction websites over the internet for many years which are selling products on the name of auction. But the real concept of auction is not there on those websites as there is no bidding and nothing like that. Just they sell products are discounted prices after some time of their launching and call that auction. Penny auctions in replacement are a real concept of auctions in which people bid for a product and the maximum bidder eventually wins.
Who wins in penny auctions?
The straight answer to this question is that the last bidder wins and gets the product. The last bidder is the maximum bidder within time of auction as it happens in the case of real auctions. However, the name penny auctions is there as new trends are getting set by these auctions by introducing a system in which only one cent is incremented in the value of property open for auction after the placement of every bid.
When a bid is placed it adds ten seconds to the closing time of bid. So when people stop bidding on a product the time stops adding and eventually the product is sold to last bidder. This trend has started and it seems it has a bright future ahead.
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