Difference Between Penny Auction And Standard Auction Process

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            Some people prefer penny auctions because it's just minimal risk taking. But some feel that penny auctions are a complete waste of time and money as bidders play more with luck than with each other to win products. This is not entirely true. Penny auction have some advantages and disadvantages that both a standard auction and some bits of risk taking as well. Yes penny auction is different to standard auction but then it is not entirely different. The reason is the fundamental aspects of bidding and counter bidding is still present in the case of penny auction. But the fact remains that in penny auction, every bid costs an amount of money. This is not exactly collected at the time of placing the bids but the bidder has to purchase what is known as bid packs. When he places a bid, the amount is deducted from his bid reserve. Penny auctions also offers what is known as buy now. This is not something that is available with standard auctions. Using this option a user can buy a product as price equal to a retail price and the monetary value of the bids that he has already paid. That way his money is never wasted and he can still buy the product after losing the auction.<br />
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