User:Danjallard/BidsTick
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BidsTick is a bidding fee auction site where purchased credits must be used to make bids. Founded in 2008, BidsTick is operated by BidsTick International and is based in Munich, Germany.
Mechanics
[edit]In order to participate in an auction, users must register with the site. Upon registration they receive 3 bids (called credits, and henceforth referred to as "bid-credits"). Registered users can then participate in auctions or purchase more bid-credits, which come in lots called "Bid Packs". Bid-credits cost $1.00 apiece and are sold in "Bid Packs" of 10, 20, 50, 100, and 500. Each credit is good for one bid. Auctions begin with an opening price of $0.01 and every time someone bids the price increases by $0.01.
The auction ends when time runs out. However, because each bid extends the length of the auction by 10–20 seconds, the auction could theoretically continue on indefinitely. The last participant to have placed a bid wins the item and also has to pay the final bid price. BidsTick then collects money from the fees all participants must pay per bid-credit and from the final price the winner must pay.[1]
The money collected by BidsTick consists of the cost of bids placed and the final auction amount.
See Also
[edit]Bidding fee auction, explains the penny auction business model.
External Links
[edit]References
[edit]- ^ Nasri, Grace. "The Seduction of the Penny Auction", The Huffington Post, April 7, 2011, accessed April 13, 2011.