How does a online [http://www.bidsluck.com/ online auction]work?
In a [http://www.bidsluck.com/ online auction]the site owner posts items and you pay to [http://www.bidsluck.com/ bid]for them. Unlike a traditional [http://www.bidsluck.com/ online auction],where only the winner pays, penny auctions require you to pay before - and as - you bid, win or lose.
You may have to pay a fee just to register for the site, and sometimes, it's substantial. Then, you have to buy a "bid package." For example, you may "buy" 100 bids for $50. Additional bids cost more money, often between 50 cents and a dollar per [http://www.bidsluck.com/ bid]
The price of [http://www.bidsluck.com/ online auction] items usually starts at zero, and each bid bumps the price of the item up a penny. Each bid also adds time - from 10 seconds to 2 minutes - to a countdown clock. The goal is to be the high bidder when the clock runs out. But because the clock resets with each bid, the auction process can be unpredictable and take time to complete.
What does "winning" mean?
Winning the auction doesn't mean you've won the auction item: It means you've won the right to buy the item at the final price. For example, your $50 winning bid for a camera might seem like a bargain, but if you placed 200 bids that cost $1 each, your cost will actually be $250 - plus shipping and handling, and possibly a transaction fee.
If you lose an auction, chances are you've lost your money. If you placed 199 bids on that camera, for example, you'd be out $199. Some online auction sites have a "Buy-It-Now" feature that lets losing bidders buy the item at retail price and apply the amount they spent on bids as a discount. So, you might not lose your investment in the bids you purchased, but you wouldn't save any money off the retail price, either.
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