The Finer Points of Internet Auctions

WHAT IS A PENNY AUCTION?

Penny auctions have exploded in popularity with the massive growth of the internet. However, few people know the true origins of penny auctions.Beginnings actually stretch back to the Great Depression. Those were hard times for everyone, but even harder for farmers. Farmers struggled to bring in steady income because of droughts and crops not selling as well as they had previously. As a result, the banks would foreclose on the farmers who couldn’t keep up with their mortgage payments.

The banks weren’t satisfied with just repossessing the house, they wanted to raise as much capital as possible, so they resorted to selling off the possessions of the owners of the repossessed houses. There was not much the farmers could do about it so they began bidding ridiculously low prices, pennies, on the items while threatening others who dared to bid higher than a few pennies.

The auctions of today hardly resemble their tremulous beginnings. Being part of a penny auction today is exhilarating, fun, and addictive. It combines the selling format of auctioning with a little bit of chance factored in.Auctions are a game of strategy but also a game of luck.

The premise behind penny auctions is giving people the chance to win an item at a drastically reduced price.Auctions make that possible by spreading out the cost of the product among multiple bidders. In order for a person to take part in an auction, they must pay a set price for each bid. For example, if a person wanted to bid on a fifty dollar Amazon gift card then he would spend a dollar for each time a bid placed. If he ended up winning the gift card, then he would only have spent a few dollars for a fifty dollar gift card. Usually penny auctions sell bids in packages.

HOW PENNY AUCTIONS WORK!

The main foundation of penny auctions is the pay-per-bid format. It is the key that allows bidders to win items at the fraction of their retail value and allows the auction owners to keep their site profitable. Most y auction sites run on the same premise: people pay a set amount for each bid, whenever a person places a bid within the closing seconds of the auction time will be added, the last person left with a unique bid after the clocks runs out will win the item. There are a large variety of items that can be won, but they tend to be popular electronics or gift cards to popular stores.

There are two types of auctions: lowest unique bid auction and highest unique bid auction. Lowest unique auction sounds confusing but it is actually quite simple. A unique bid is when only one person has a bid at a certain price. Bids usually start at one penny, a bidder can then place a bid at two pennies. Until another bidder places a higher bid, the most recent bidder will be the lowest unique bid because that was the only bid at two cents and nobody bid higher. However, penny auctions generally don’t stop at one penny. It is not uncommon to find auctions that end up at a couple hundred dollars based on the popularity of the item being auctioned. However, the same principles apply for those auctions. Highest unique bid auctions follow the more traditional auction format such as eBay. The person with the highest bid at the end of the auction wins the item.

Auction site owners turn a profit by selling bids. Say twenty people are bidding on a ten dollar gift card at one dollar per bid, at the end of the auction if there were twenty bids placed in total then the site owner would have made twenty dollars with a ten dollar profit.Auctions do seem like a win-win situation:The site owner makes money while the bidder gets an item for dirt cheap. However, not everyone wins in penny auctions. The people who paid one dollar each bid but left with nothing to show for their investments will not be so happy.

HOW TO WIN!

Penny auction has a lot of chance mixed into it, but one can incorporate strategy that will help raise the chances of winning. Playing smart can make all the difference between gambling and auctioning.

The first crucial tip to winning penny auctions is to know how to manage your bids. Your goal should be to win as much as possible without spending a ton of money buying bids. Managing your bids means that you should already know how much you are willing to risk in order to win an item. The amount of capital you are willing to risk will determine how many bids you can use. Once you know how many bids you have to spend on an item, then you will be better able to manage how and when you place a bid. That will keep you from blowing away all of your bids in the first few seconds of the auction.

The next tip is to practice time management. When fighting in the trenches of penny auctions, you have two enemies: other bidders and time. Knowing when to bid is a must if you want to have success. Placing a bid when there is a lot of time left on the clock is never a good idea. You have to remember that the key to winning a penny auction is being the last one standing when the clock runs out and that each bid increases the amount of time left. It would be a good practice to wait until the last few minutes of the auction before you begin to bid.

The final tip for successful auctioning is to keep your emotions under control.Auctions have a lot of similarities to gambling, and just like gambling, your spending can get out of control. If you keep your emotions level, it will keep you from making rash decisions and blowing loads of cash. Keep your mind clear so that you can gage the behavior of the other bidders and outsmart them.

HOW TO AVOID SCAM SITES!

Penny auctions are a great addition to the web whether you want to win an item that otherwise you wouldn’t be able to afford or if you simply enjoy the thrill that comes with bidding in auctions. Unfortunately, scam sites have tarnished the reputation of the legitimate penny auction sites. However, there are ways that you can protect yourself from scamers and enjoy your auctioning without having to worry about losing your money due to dishonesty.

Checking the reputation of the auction site before you start spending your hard earned money is always a good idea. Chances are other people have tried the site before you and some of them have left reviews. The reviews are your way to gage whether a auction site is trustworthy or not. If a site is getting overwhelmingly negative reviews, then that is a clear indication that you should steer your business elsewhere.

Another tool you can use to protect yourself is checking the Alexia ranks of the auction sites. Alexia rank will give a solid view of how much traffic the auction is getting. If you see a huge difference in the amount of traffic Alexia is projecting and the amount of active bidders on the site, then warning signals should be ringing in your head. Some auction sites have been known to set up robots that automatically bid on projects in order to keep the auction going and inflate the price. That is known as shill bidding. You can sniff out those sites by comparing the traffic the site should be getting to the amount of users using this site.

CONCLUSION!

New legislation may come out later down the road that will officially make penny auctions gambling, but until then, it is a fun, exciting auction that allows one to win the item they’ve always wanted but couldn’t afford.Auctions are also quite lucrative for the site owners because of the pay-per-bid strategy they’ve incorporated. Penny auctions had humble beginnings with farmers who just wanted to get back at the banks who kicked them out of their house. More recently, auctions have enjoyed an explosion in popularity with the rise of the internet.

There are two main formats fora auctions, lowest and highest unique auction, however they both run on the same premise where the last unique bid wins the item. Winning a penny auction will require a certain amount of mental tactic and a bit of luck. However, you can increase your odds of winning by practicing certain techniques such as managing your bids wisely, learning how to work with the time, and keeping a level head and your emotions under control. When you combine those three strategies to your bidding plan, you will find that you win a lot more often.

It is important that you do your due diligence to protect yourself when participating in auctions. Not every auction is run by honest and trustworthy people. There are people out there who just want to take your money. You can protect yourself by ensuring that you only bid on sites that already have a very positive reputation from real users.

The Perfect Online Home Based Business to Achieve Success With

There are going to be many businesses and opportunities that you’re going to encounter on the Internet, one of the best ones to get started with is going to be an affordable online business. The reason you want to start an affordable online businesses is because you’re not going to have to spend too much money to get started. You have to understand that when it comes to seeing results and achieving success is going to be based on how much you can promote your business so by saving money on paying for your business you can begin investing what you save into the business in order to promote it.

There are not many businesses that you can consider to be the perfect online home based business but this is definitely one of them because you’re going to be able to get started with an affordable price. Besides being an affordable business it is also going to have a very valuable service to offer to other people. This is going to be very important in the long run because that means that the people who get involved in your business are going to most likely stay in the business because they know that the service is valuable and the price is affordable.

As long as you stay consistent and dedicate enough time you’re going to be able to be successful with this business on the Internet. The biggest mistake that people make is that they waste their time trying to find the fastest way to make an income online when they should be focusing on promoting the business that they are working with.

Now that you have the perfect online home based business to work with there should be no excuse. It all depends on how concentrated you are and how much did you develop your mindset. If you understand that is going to take time and you’re willing to put in the time and dedication that is required then you don’t have anything to worry about.

These 4 Benefits Should Encourage You to Start a Home-Based Business

Are you thinking of starting your own home-based business? If so, then you are not alone. Research shows that around the world, more and more people are opting to start and operate their own home-based businesses. This is largely the result of the current gloomy world-wide economic outlook.In case you are hesitating about starting a home-based business, the factors below should encourage you to take that necessary step.First, it is quite easy these days to start and run a home business. If you have a home computer with internet connection, then you can operate an online business from home. You do not have the overheads of the traditional business.From your home you can, via the internet, have access to a global market of several million prospects for your business. If you choose carefully, you can run a highly lucrative online business, as your market can be so vast.Secondly, you can achieve a lot of personal freedom if you are able to run a successful full-time home business. You do not have any boss standing over you and ordering you around. If you do not like your boss, then that fact alone should give you additional incentive to look for ways of quitting and becoming your own boss.Think about it. Running a successful home business can bring you the freedom to wake up as late as like, work when you like, and go on vacation whenever you want. There is no boss to tell you that you cannot do this or that.Third, you can eventually end up earning a lot more money, from running your own home business, than by staying in your current job. It is often said that nobody gets seriously rich by working for somebody else. That is largely true. Unless you are a top executive of a huge multinational company, you are unlikely to get paid the really big bucks.Fourthly, operating a successful home business can afford you a better, more rewarding opportunity to grow closer to your family and friends. You can have more time on your hands, so you can more easily make time for your family and friends. There are some highly-paid executives who work for very long hours and, therefore, are unable to spend adequate time with their partners and families. What is the point of having plenty of money if you don’t have the time to enjoy it personally and with your family and friends?Where there is a will, there is a way. If you are determined to run a home business and become your own boss, you will eventually succeed if you put in the necessary effort. It will take time to succeed in your own home business, but you can make it.Remember that many other people are currently enjoying the rewards of running full-time home businesses. You can do the same if you put your mind to it. Look for a good home-business opportunity and start putting in the hard work. This time next year, you might be much richer than you currently are. More grease to your elbows!


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