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I love all things involving making money online.
When I see websites that are clearly successful in making money it always makes me excited. That’s why when I started to see those penny auction websites, I couldn’t help but smile.
If you don’t know what penny auction websites I am talking about, it’s websites that offer a really high demand item (electronics, etc) for just pennies! The way that works is you go and buy “pennies” or bids. Each bid costs anywhere from a buck to ten bucks. Everytime you pay one extra penny, the auction is extended 3 minutes.
So let’s say you have a Wii that’s going for 0.30 cents. You come in at the last minute of the auction and hopefully get the wii for $0.31 cents + the cost of the bid ($1 to $10 bucks depending on what site you’re using).
For all intents and purposes getting a Wii for $10.31 is a huge steal… and that’s the huge allure for these websites.
Now imagine doing something like that but with cold hard cash… up to $5,000. Imagine paying $100 to win $5,000! How crazy would that be?
Come to find out, there has been a site that just recently launched that does exactly that called BidOnCash.
What an epic idea.
Looking at one of the best auctions, a $500 auction went for $26.99. A steal right? Considering each bid cost $1 (bid = $0.01) this made the website $2,699. Wait… is that right? 26.99 * 100 = 2699 bids. 2699 bids * $1 = $2699.
Unbelievable. Looks like a few of the bidders got caught up in a bidding war… Assuming they’re not bots.
Granted not every auction ends up this way. You can see a few auctions that ended up going for $0.03 for $100. Clearly a loss for the website.
What a genius idea…No tags for this post.