Online Auctions: Dispelling the Controversies
The penny auction is the latest in internet crazes. If you haven’t yet participated in a penny auction, then you are surely missing out. These websites combine all the fun of the fair with something akin to the Home Shopping Channel. They combine fun with the possibility of winning premium items; oh, and they also provide a great forum for socialising with like-minded people.
Millions of people across the globe win at the penny auctions every minute of every hour of every day. These players manage to get themselves some fantastic items at some truly knock-down prices. In fact, it is not unheard of for people to win items priced at 99.9% off their RRP: in real terms, this is like buying the latest iPad2 for as little as £0.39! This is a rare occurrence and most iPads or equivalent items will sell for between £10 and £60, which is still an incredible bargain.
As you can see from the above example, these sites sell premium products. Other items that you can expect to see at the penny auctions include:
- Flat screen HD 3D Televisions (- what a mouthful!)
- Laptops
- Mobile Phones
- Washing Machines
- Perfumes (Dior, Lacoste, Chanel)
- Gift Cards
The list provided here is, clearly, not exhaustive, there are many other items on which bidders can auction – if you want to know more, then follow the link at the bottom of the page.
Controversies
The penny auction format has been criticised for its promises. Many people claim that the sites are unfair and give people false hope of gaining these premium products. However, they are not a con or swindle – at least most of the sites, there may be a few rogue ones out there, but this is true of any online business. The penny auction format in itself is not a problem.
The majority of penny auction sites are legitimate, but the controversy arises when people join the sites but misunderstand the premise. When you join a penny auction site you must remember that, as with any auction, you are not guaranteed the items, it will take money, time and practice before you start seeing results. Instead, you should approach these sites as you would a bingo site or suchlike, in other words, as a game. Rather than think of the items, think of the entertainment value and the fun that you gain from playing.
To prevent you from getting into any kind of financial distress set yourself a budget. Make sure that you are spending only money that counts as disposable income – that is, income that does not cover the bills, savings or any credit you may have. If you can spend it comfortably, then spend, but if not, do not. It really is that simple.
Another reason why there is controversy is because some people play for a long while and never win their auctions. This, however, is less to do with the penny auction format, and more to do with their strategies. You must implement strategies in order to win, it is a game and there are rules.
In the meantime, if you are interested in having a go at penny auctions, then please visit http://www.bidvid.com/.
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