A lot of the lowest and most unique auctions used to pop on the television screen in the late ’90s and early 2000s.
The fever even took the early internet as well. Marketers lured potential bidders by convincing them that they could get a product worth thousands by paying only pennies. The hype is back again, this time in the notorious world of cryptocurrencies.
Bid4CC, a Cayman Island-based blockchain firm, has recently launched a cryptocurrency auction platform. But unlike traditional auctions where the highest bidder gets the prize, the platform will conduct only reverse auctions, in which bidders have to bid as low as possible, but the winning bid has to be unique.
The platform has listed some of the top cryptocurrencies, like Bitcoin, Bitcoin Cash, Dash, Ripple, and Litecoin. According to the official announcement, the platform will conduct daily, weekly, and monthly bidding sessions.
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Unlike the cryptocurrency exchanges, Bid4CC will not be able to make a profit by charging a fee for every transaction made on the platform. So it will make money by selling the number of bids. Though a new bidder will get five free bids, he has to shell out money from his own pocket for the next bids. As per the announcement, the bidders can get as many as 100 bids for 0.003 Bitcoins.
The firm is also claiming that this is the first online auction platform for cryptocurrency.
With the evolution of blockchain technology, we have seen many innovations. While platforms like Ripple and Wave are making transactions more efficient, innovative blockchain-based asset management platform Tend is planning to allow people to share an investment in physical assets like classic cars and artwork.
And now, with the introduction of a platform like Bid4CC, it can be said that decentralized technology is making its way into every marketing sector.