I wouldn't do it. I kept hearing Beezid was a scam so I decided I would do some research. It took awhile I picked out a product, which in this case was a camera. I used the same product each time and I always recorded what they went for. I lucked out and it was always in this same range so when one came up, I waited until the end of that range and started bidding. The one I did that on went $50 higher than the next one. That's all the research I wanted to do. It's a scam. Also not I did this at 4 in the morning on a Sunday to attempt to miss the most traffic. So, in the end, outside of ebay or other real auction type sites, I stay away. I would think most penny auctions are scammed.
It sucks. I tried it about a month ago. When it gets close to being over the bids come in like crazy. You might spend a bunch of money on bidding and getting frustrated when you can order it and save the trouble.
All you have to do is the simple math. Say you want an item on there that costs say $400 retail price.
It is 60 cents per bid and each bid is worth a penny. so say the winning bid was $100. Technically the site can say the item sold for 25% of it's retail cost but you factor in the total amount of bids at 60 cents each and look at what the site actually made on that item....
$100 means there was a total of 100 bids per dollar in the final selling price. That means there was a grand total of 10,000 bids at a penny a piece to hit the final selling price of $100. 10,000 bids at 60 cents per bid and that company actually made $6,000 for just the bids plus $100 for the selling price on top of that.
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