Home » Home Improver Advice » Making Cents of Penny Auctions

Have you heard about these penny auctions that are starting to spring up all over the place? They have stirred up quite a bit of controversy, because everyone seems to have differing opinions on how they work and, in fact, as to whether or not they actually do work. Some seem a little more legitimate than the others, so I did a little research, and in the process I came across this Beezid Faceook Fan Page. Beezid is one of those penny auction sites, where you bid on items like Dyson Ball vacuum cleaners, cordless drills and iPads, and get them for huge discounts.

The whole process can be a bit daunting, so it’s worth finding out how these things actually work. Some people think that it’s a scam, but I think that is just because they don’t understand how they work. So, what happens is that you start by buying bids. They usually cost between $0.50 and $1.00. This gives you the opportunity to place bids on these items, and then each time someone places a bid, then the price of the item goes up by a penny. What happens is that every time someone bids, a little more time is added to the bid clock. You have to bid at the exact last second to win, and it can be challenging, and there may be a bit of a learning curve, but you will see people who get, for example, maybe an iPad for about 40 bucks, or something like that.

The whole thing is to start talking to people who do it regularly, which is why having a Facebook page with an active community like they do at Beezid is a great tool for people who are just starting out and want to learn a little bit more about what’s going on with the penny auctions. If you just watch what is happening for a little while, you’re sure to figure it out and, while you are not going to win every auction, the opportunity is there to get some amazing discounts on amazing products.

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