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What is an Online Auction
Online auctions, also known as virtual auctions, are done through the Internet. It is a service in which a seller sells products and services over the Internet where buyers can bid anytime and virtually anywhere. Online auctions like eBay and MadBid processes are just like regular auctions; it involves a seller endorsing a product where multiple bidders bid starting with a predetermined minimum amount. Bidding commences when a participant logs this amount.
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