You line up an amount of peoples, In the center there is an object that every bidder involved wants. They start to bid and the person who has placed the highest bid wins.
BitBid "Lowbid Auction's" are Auctions too! But there are some major diffrences:
The major diffrence is that there is no highest bid involved here.
Instead the winner, is the person who has placed the "Lowest Unique bid"
Go to visit us here http://slurl.com/secondlife/Lagos/90/170/22
What does that mean?
It means, that YOUR customers will be able to buy a very large amount of money for as little as 1L$ If this sounds mighty wierd to you?
Please have a look at these illustrations and I am SURE, it will all make some sense to you:
How will this make money to ME and MY company?
Each bid the bidder places costs money.
Lets say, it is a 1,000 L$ auction. that means the maximum payout is 1,000L$
Each bid costs 20L$
That means
1. You would only need 50 peoples to fill your quote. And Only 100 Peoples for you to get a 100% profit of the auction.
2. It is highly unlikley that all the bidders only will place 1 bid each.
We have calculated that the average bidder places 2,6 bids per auction.
3. If you would be having a slow week. then the system is designed to ONLY payout the collected pot. So you as a Game Palace owner would NEVER have to loose money on this system.
For more information contact BitBid Core.
