There are great minds involved behind making the procedure of penny auctions. These auctions are following a unique style of selling products which kind of resembles to the original auction procedure which happens in ordinary auctions on daily bases. However it’s the first procedure of online auctions being introduced so far and its gaining popularity because of its unique style.
These are like real auctions
In real auctions there are many bidders who bid on a single product. After every bid there is reverse counting unless someone else places the bid. The procedure keeps continuing till the time when the last bidder places the maximum and no one else contests it. The product eventually goes to the last bidder after the bidding and counting both are closed.
Similar is the case in penny auctions. There are many shoppers which are usually the users of penny auction sites who place bids on the product which is open for auction. Whenever a bid is placed by the user it adds ten seconds time and one cent value to the product open for auction. When the time reaches zero then the last bidder becomes the winner and purchaser of product at the last price on which he/she bids.
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