Penny Auctions are taking over the standard Auction

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(Free-Press-Release.com) September 30, 2010 -- Penny auctions are enjoying a surge in popularity thanks to a number of sites that are offering great deals on products and items that are either highly expensive, or hard to find. Aside from using a new and unique business model, penny auctions are attracting attention because they put a fun twist to the online shopping experience. Fun as they might be however, penny auctions are often volatile, and more than a few unsuspecting individuals have been tricked by a number of sites that take advantage of the industry’s popularity.

In a nutshell, a penny auction works much like a regular online auction does, in that the last bidder before an auction ends wins. But the similarities end there. To "play," most, if not all, penny auctions require you to purchase a number of bids, which are usually priced from $0.10, to as much $1.00. Each bid placed on an item raises its price by one penny, while resetting or increasing its timer by a specified amount of time, thus extending the duration of the auction.

For this reason, it’s a common misconception that high-premium items such as HDTVs, laptops, and other appliances can be won by a single penny only. While this is theoretically possible, rare is the penny auction site that actually allows this to take place. What happens is that people immediately sign up thinking that penny auctions work just like regular auctions. Due to poor judgment when placing bids, some members feel cheated and scammed. The problem is only worsened by the number of sites that purposely rip off their members, leading to an industry that’s getting a worsening rep.

Nonetheless, these types of auction sites can still be a great resource for bargain shopping. With the variety of big-ticket items on most sites, winning will boil down to selecting a good penny auction site, and having a good bidding strategy

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