Ubidup.com What is it?
Ubidup is an auctions website that, like many others, is based on a bidding system. However and unlike most other auction sites, Ubidup is unique for two main reasons. First of all, the item participants bid on is digital currency, and secondly, because the bidding method is quite the opposite from the traditional “highest bid wins it all”. In fact, at Ubidup, bidders win, only if they have managed to place the lowest possible bid. This said let’s take a look at this unusual penny auctions site more deeply.
How it works
Upon paid registration, participants are able to take part in the bidding process. Bidders place their bids at the lowest possible price, something that will look like 0.0001 at a time. Also, instead of countdown clocks, this site resorts to a minimum number, which is fixed, of bids for each auction; for example, 30. Once the fixed number of bids has been reached, the lowest bid that is unique is the winner and gets the chance to finally purchase the piece of digital currency that is being auctioned. By unique we mean that no other player has placed a similar one. The site claims to use this kind of auction strategy in order to make the game fun and enjoyable for everyone. Additionally, allowing players to place unique bids, they say, is a way of providing transparency to the whole deal.
What is digital currency?
You may have been wondering all along what it is that folks bid on, anyway. Digital currency, also known as crypto currency, Bitcoin or Litecoin, is money that you can’t really see or carry around with you. This type of electronic currency represents money but virtually, as it is kept in your hard drive, mobile device or in the cloud. These days, many online transactions are being carried out with Bitcoin, and since no bank or financial institution is involved at all, transactions made with this payment form are anonymous and generally highly profitable. It is man’s ultimate dream of money decentralization. Crypto money is kept in virtual “wallets” whose IDs are necessary when it comes to transferring money. The use of digital currency has now been made extensive to hundreds of thousands of people around the internet and more and more opportunities for using it come up by the minute. It was only a matter of time until a penny auctions site picked up the fad and introduced the product in the world of bidding.
Ubidup: What’s to like?
Alternative Auctioning Style: What most Ubidup participants enjoy more about the site is its laid back, almost stress-free method, particularly because no countdown clocks are involved. Neither are pushy, heavy bidding struggles present in this game. On the contrary, the strategy lies in sitting back and waiting for others to make a move in the hope that your bid will be unique, and luckily enough, the lowest.
Money-generating profits: There is an attractive money-earning potential behind bitcoin bidding. Even when the price of bitcoin is highly volatile these days, one thing is certain; price changes seldom translate into losses. However interesting, the bitcoin market is still brand new, so not many people engage in Ubidup, This means that competition is fairly low, thus making each deal a great chance to generate a huge profit.
Credibility and Accountability: So far, a large number of participants have stated that their prizes were transferred to their bitcoin or lite coin wallets within the following five business days. Negative reviews on this topic haven’t been made public, yet. Should there be any.
There are some downsides, too
Registration Bummer: One major turnoff for first timers is the registration process. Not that it is difficult; on the contrary, steps are simple enough and only call for completion of a few fields. What turns off most beginners though, is the lack of information available on the webpage. That is, unless you register, you know very little about what you are doing really. It is all pretty much a guessing game at first. In addition, participants are requested to pay a fee prior subscription in order to be able to place a bid. In some people’s opinion, this is a major con, as most players ignore what they are getting into, to begin with. A good example of the little instruction given to new players is the chart provided under the How it Works tab on the site; too vague to understand without proper guidance. Most potential bidders need somebody else to explain how the site works in person or via Skype. Ubidup could use a tutorial or two to get people started off the right foot.
Language Barrier: As if the site’s homepage weren’t dull enough as it is, everything you want to know about Ubidup should be requested via e-mail. It wouldn’t be that bad if the reply came along with the suitable answer, the problem is the translation part, apparently. E-mail replies follow the same linguistic challenges evident on their webpage. Google translator: not so cool. Most of the few tips provided in the “How it Works” section might as well have been written in French as far as user-friendliness is concerned.
Rookies Beware: The fact that crypto currency is such a new topic makes the purchasing of bitcoin a bit of a specialized field. How would a beginner bidder know whether they are striking the deal of their lives or not? The bottom line: engage only if you are clued into the matter somewhat, if not, it is all pretty much like gambling.
Too new to trust 100%: The fact that the French-based site has been live for such a short time, affects the level of overall reputation and credibility. As far as most reviewers know, Ubidup presents an average level of both safety and credibility, basically due to the fact that it is too new to know. 50% safety and confidence level should not affect people’s opinion either one way or the other, as it is too soon to give a final verdict as regards the site’s functionality or reliability.