What Is iBid?
iBid is a platform that leverages blockchain technology to decentralize how auctions can be conducted. At this time, it seems that the traditional auctioning system is under the control of centralized parties that are more interested in how to use those systems to push for their interests.
PENNY AUCTION
What iBid intends to do here is to create a new system for auction. Unlike the traditional auction system where the users have to spend more money bidding to emerge the highest bidders; iBid does otherwise. What it does here is to institute a Penny Auction form of bidding whereby the bidders will bid with pennies pending when the time for the bids elapses.
Ideally, iBid set the bidding time at 10 seconds. So, if the first bidder (for instance) bids for a product for $0.10, it will stay that way for the next 10 seconds until another bidder bids for the same product. If another bidder bids for the same product with a higher sum (say $0.20), the timer will automatically reset for the next 10 seconds.
By and large, the 10-second timer will continually reset so the other bidders can have a chance. The basis is that if other bidders failed to bid within the next 10 seconds from the time the first bidder bade for the product, it means that the first bidder becomes the winner of that particular auction.
DECENTRALIZED ASCENDING AUCTIONS
iBid has a system in place to ensure that the bids placed on products on the platform are decentralized. Also, the ascending auction system comes in handy at this time to ensure that the system is transparent.
First, iBid specified that auctions on the platform will start from $0 and is subject to increase. For example, if the auction price for a product starts at $0, it means that the next bidder for that product has to bid for $0.01 because the auction system adds $0.01 to the next bids.
Likewise, the second bidder has to bid for $0.02. It continues that way until there are no further bids for the product. In that case, the last bidder becomes the winner of the auction.
HOW TO PARTICIPATE IN IBID AUCTIONS
If you are interested in taking part in the series of auctions on iBid, there are some things you must have in mind and do as well.
Product Availability
You are not just bidding because the prices are low. Sometimes, you have to consider the importance of such a product.
That informs the reason why you must first check to see there is an available auction for the product you want to buy at a discount.
If there is, you can then proceed to consider the next step you must take:Bid Placement
Having confirmed that the product you wanted to place a bid on is there, the next step will be to find out if the pricing for the product is something you can afford. As mentioned earlier, iBid thrives on bid placement.
So, you will have to place your bids for the product. Then, hope that some other bidder doesn’t usurp your bid by placing a bid 10 seconds after yours. If that happens, you will have to keep bidding until no other bids come under yours. That way, you will become the owner of the product.Bid Purchase
We must mention at this point that iBid sells the bids because that is the major source of income for the platform. In light of that, you will have to purchase the bids to allow you to place bids for products you are interested to buy.
WHAT THIS MEANS FOR THE GLOBAL AUCTION INDUSTRY
IBid will give traditional auction platforms like eBay a run for their money because of the technical and user-oriented features it is deploying.
For the first time in the global auction industry, there is a platform (iBid) that allows the users to bid at lower prices. Also, this will be the first time that potential product bidders will be allowed to use a decentralized medium that conceals the identity, as well as the bids of the other bidders.
Moreover, iBid looks good to be here for many years because of the multi-level marketing approach. It already understands that it may have many grounds to cover if it went all out to pay advertisers to give the likes of eBid and eBay a run for their money. So, what it does is to leverage the community of iBid users who will be incentivized for publicizing the platform, as well as inviting their friends and family to be a part of the network.
FINAL WORDS
Globally, bidding for products is a growing phenomenon because it helps potential buyers to pay less if they happen to win the bids. At the same time, the liquidity of the products in view is guaranteed.
So, a decentralized platform like iBid looks good to pack all the awesome in the auctioning industry so the users can enjoy transparent and seamless bids.
USEFUL LINKS
Website: https://www.ibidtowin.com
iBid Pitching Desk: https://ibidtowin.com/iBid-
Telegram: https://t.me/ibidtowin_co
Android App. https://android.ibidtowin.com/
IOs: https://testflight.apple.com/join/6zY...
Twitter: https://twitter.com/iBidtowin_co
Medium: https://medium.com/@ibidtowin
YouTube : https://www.youtube.com/channel/UCX6R...
Facebook : https://m.facebook.com/Ibidtowin
AUTHOR
Bitcointalk Username: Intertek
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2760026;sa=summary