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Pros and Cons of worldwide Penny Auctions
As global penny auctions gain in popularity, one cannot but stop and think - could it be great for me, as a bidder? Sure, it appears it is a great idea for the site since it are now able to reach out to bidders all over the world with out a critical mass of bidders in each country. But what about bidders? How good is it?
Here, by global penny auctions, I am talking about those sites where people all around the globe compete on the same auctions. This means when there is a pre-balance credit card that I am bidding on, chances are, another bidder I'm competing against is from a different country and time zone as me.
Pros The biggest advantage of global penny auctions is that it helps you with variety of products. This is achieved in two distinct ways. One, there are specific products that are popular in america and not the united kingdom or Australia and vice versa. This means you get to pick and invest in auctions that you wouldn't normally see inside your country. This sure is exciting.
Secondly, bidders see more auctions during the day because now people from different time-zones are competing. This is actually a great deal for many bidders who don't get to bid during the peak product times, like afternoon (since you will work) and instead wish to bid at night when there aren't enough products. Yes, it is a fact, almost all penny auctions have fewer auctions during the night.
Cons Obviously it is not all a bed of roses. There are times when you won't want to be bidding globally. One immediate concern is to do with competition. Will the penny auction scale up the quantity of auctions in proportion towards the number of bidders who have now increased? The answer of course depends on the website however the usual answer is no. This means more competition because of increased bidders on same quantity of slightly increased quantity of auctions.
Global bidding may also render some bidding strategies obsolete. This would mean bidders need to reevaluate everything, especially strategies based on best bidding times.
It's really exciting to be bidding against people from all around the globe, but simultaneously you should never forget why you are on the website - to win! Some penny auctions can pull it off well and others cannot. BidRivals, the most popular site at some point of your time throughout Europe is struggling today with significantly fewer auctions and bidders than at its peak.
