Auctions provide potential buyers with an opportunity to buy products at cheaper costs. Platforms like eBay and eBid make that easier.
On the one hand, the aforementioned platforms have always called the shots as far as auctioning products is concerned. On the other hand, they have some issues and challenges that dissuade potential buyers to participate in the auctions. It is the problems therein that triggered the launch of the iBid platform to lead the way for a new approach to auctions.
INTRODUCING IBID
iBid is an auction-based platform backed by the Distributed Ledger Technology (DLT)/blockchain technology. The platform’s major goal is to create a new medium for auctions whereby the end-users wouldn’t have to overbid or try to manipulate the bidding process.
With transparency and respect for the users’ data, iBid is pushing to set the pace for decentralized auctioning.
The components as discussed below further prove why this is one of the best platforms for facilitating auctions amidst transparency and liquidity.
HIGHLIGHTS OF THE IBID DECENTRALIZED AUCTION PLATFORM
At the core of the components here is the real-time and ascending blockchain auction system that seeks to reduce the overbearing influence of centralized platforms like eBay.
Besides, iBid has fully transformed the system to be user-oriented in the sense that the users would be the ones to decide if the available products for auction are worth bidding for.
HOW TO PARTICIPATE IN IBID AUCTIONS
If you are a fan of the Decentralized Finance (DeFi) mantra, I am sure you will like to see how it plays out in the broader iBid ecosystem. The best way to figure that out is by participating in the bidding activities in the iBid decentralized auction system.
If you are interested in that, the steps below will lead you by the hand until you make your first bid(s):
1- Sign Up
Bidding on auctioned products on iBid is exclusive to registered users. Therefore, the first thing you must do is to sign up for an iBid account.
2- Purchase Bids
iBid stipulates that interested participants in the auctions must indicate their interests by bidding for the auctioned products. That can only be done by bidding for those products using the bids that must have been purchased on iBid.
Ideally, iBid retails or sells the bids for $0.13 per bid. Also, you need $0.10 to bid for a product. The value of the bids on products keeps increasing by $0.10 provided another person bade for the same product after you did. Therefore, you should buy enough bids that will help you to continually bid for products until you n win or buy the products in view.
3- Choose Products
There are many products available on iBid. They are sold at discounts to those that bade for them.
Some of the products that you can bid for on the broader iBid decentralized auctioning ecosystem are:
- Laptops
- Wall clocks
- Cameras
- Wristwatches
- Television remotes
So, what you will have to do here is to go through the list of available products to be auctioned. You have to ensure that the products are what you want. Otherwise, you will have to leave the auction for some other time when the products you want to buy (at a discount) are listed on the platform.
Therefore, select or choose the products you will be happy to buy without breaking a bank and proceed to the next step.
4-Place Your Bids
The fourth step is to place your bid for the auctioned products you want to buy. Have in mind that the default value set by iBid is $0. Also, an incremental value of $0.10 applies to bids placed after that.
So, the first bid you will place should be a minimum of $0.10. Once you have done that, the timer on iBid will automatically start counting down to 10 seconds. The idea is that if no other person bids for the same product, you will be eligible to purchase it at the amount you bade.
Otherwise, if another potential buyer bade $0.20 after your initial bid, it means that you will have to make another bid within 10 seconds so you can be the next bidder to be favoured. In that case, your next bid will be $0.30, which is keeping in line with the incremental value of $0.10 for additional bids to the previous bids.
It continues that way until no other person bids for the product so the last bidder becomes eligible to pay for the product at the bid rate.
5- Win the Product
If no other person bids for the same product you are bidding for, it means that you will become the winner. All you have to do here is to pay for the product using the last amount you bade.
Assuming your last bid was $0.50, it means that you will only pay $0.50 to buy or purchase that product even if the original amount is $500.
NB: However, there may be a need for additional payment, and that is mostly if the product is to be shipped to you.
CONCLUSION
iBid is reinventing and repositioning the auctioning industry in a way that you can purchase products at half the price.
With the decentralized structure and the lower bid cap, you can be confident that you will qualify to buy a product or two at insanely cheap rates.
ROAD MAP
USEFUL LINKS
Website: https://www.ibidtowin.com
iBid Pitching Desk: https://ibidtowin.com/iBid-
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Android App. https://android.ibidtowin.com/
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AUTHORS DETAILS
Bitcointalk Username: Gopalwu
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