iBid is one of the earliest running online auction on Blockchain, pay-to-bid entertainment shopping auction sites online, but what’s that?!
iBidtowin.com is a popular “penny auction” website that purports to offer consumers the chance to win brand name merchandise for a tiny fraction of the retail price. Consumers pay money in advance for a certain number of intangible “bids,” and then spend those bids in daily “auctions” in hopes of winning the offered products at steep discounts. iBid continually advertises to consumers that they can save up to 90%, or more, off brand name merchandise ranging from electronics, to furniture, to art, to flatware, to clothing and accessories.
What’s an online auction, and how does it work?
An online auction site is a site with “auctions,” but not auctions like your typical eBay auction. They’re auctions in that there’s the opening time, item, and environment with the competition, but there’s a twist!
If nobody bids within the next 10 seconds, then that first bidder wins the auction, entitling them to purchase the offered product from iBid for the discounted price of $0.01. If someone does bid within the next 10-second countdown, then this second bidder immediately becomes the “highest bidder” on the featured product: at a price of $0.02. And the countdown clock immediately resets back to 10 seconds.
If nobody bids within the next 10 seconds, then that second bidder wins the auction, entitling them to purchase the offered product from iBid for the discounted price of $0.02. If someone does bid within the next 10-second countdown, then this third bidder (which might be the same person as the first bidder) immediately becomes the “highest bidder” on the featured product, at a price of $0.03. And the countdown clock immediately resets back to 10 seconds. iBid auctions typically last for several hours, or even several days, with the penny-built “auction” prices sometimes going into the hundreds of dollars, depending upon the featured item.
Online auctions don’t end as soon as the time hits 0, and the highest bidders have made his bid. Online auctions end when no one else places a bid against a bidder, and the timer hits 0. So bidding on an online auction could go something like this:
- There’s an auction item that you really want.
- You need to place bids to win it.
- But, you need to purchase bids!
Yes- bids are not free on iBid or any online auction – online auctions really are a fun twist on traditional auctions. You must first sign-up to bid, then buy bids. You can purchase bids in several amounts from a smaller bid pack to a larger one, and it’s totally up to you. Bids cost $0.13 each on iBid.
- So you now have bids – You can start bidding on the item you want.
Let’s say you’re going to place a bid now, right after Fairlight, and the bid price is currently at $0.45 for a 15.6 inch Dell Inspiron 15″ laptop. The price is at $0.45 – the beginning auction price is 0 – once a bidder places a bid it increased by $0.01 and 1 cent with each subsequent bid to bring it to the price it’s at now, so 45 bids have been placed on this $477 Dell laptop. So as you can see, the time is at 10 seconds, I just placed the bid – once you place a bid – either at 6 seconds left or 9 seconds, the timer is reset again to 10 seconds, the clock ticks down and other bidders could place a bid. The only way you can win is if everyone else stops bidding.
So what if you were lucky!? That would be awesome! If you could win a new laptop for $0.46! It’s possible… While the winning price is $0.46, you only need to pay for the bids you already bought (the value of 1 bid = $0.60). iBid ships all of their items some fee of charge!
Have you bid on iBid? Make sense now, or have any questions? Let us know!