Bidding is an offer (often competitive) of setting a price one is willing to pay for something or a demand that something be done. A price offer is called a bid. The term may be used in context of auctions, stock exchange, card games, or real estate.Bidding is used by various economic niche for determining the demand and hence the value of the article or property, in today's world of advance technology, Internet is one of the most favourite platforms for providing bidding facilities, it is the most natural way of determining the price of a commodity in a free market economy.
Biddings are arranged by first disclosing the time and space location of the place where the bid is to be performed, so that more interested bidders may participate and the most "true" price of the commodity may come out, in terms of bidding on Internet the time frame for posting the bids may be a topic of interest.
For some auction houses, bidding is meant to be fun and enjoyable, but remember that each bid you place enters you into a binding contract. All bids are active until the auction ends.
Many similar terms that may use or may not use the similar concept have been evolved in the recent past in connection to bidding, such as reverse auction, social bidding, or many other game class ideas that promote them self as bidding. Bidding is also sometimes used as ethical gambling in which the prize money is not determined solely by luck but also by the total demand that the prize has attracted towards itself.
Bidding perform in two ways on online. One is Unique Bidding and another one is Dynamic Bidding.
Unique Bidding: In this bidding users bid for the product, in that bids which one is unique that user will get the product. For Example If A,B,C,D,E users are there who are bidding for the same product. A bid for 5$ and B also bid for 5$, C and D bid for 2$ and E bid for 3$ then E got the product, because his bid is unique in those 5 bids.
Dynamic Bidding: Dynamic Bidding is type of bidding where one user can set his bid for the product. At this time if the user present or not for bidding, automatically the bidding will perform upto his defined amount. After reaching his bid value the bidding stops from his side.
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