Bitcoin Forum

Can anyone explain me that what is auction?

What is an Auction and how does it work?
An Auction is where property is sold at a specific time and place to the highest bidder.  Most auctions require a person to get a bidder number or other identifying item prior to bidding.  When an item you want goes up for bid it will usually start low and the auctioneer will raise the bid amount every time someone bids until there are no more bids on that item at which time they will sell the item for the highest bid.

There are many types of auctions.  Some of the most common are Charity, Estate, Liquidation, Consignment, Auto mobile, Antiques, Coins, Storage units, Foreclosures, real estate, and many more.

Why choose an auction over other sales?  There are many reasons but if you look at many of the high record setting prices that people get for property is done at auction. A good marketing plan for an auction brings people who are looking for the item being sold and the more people you have at an auction then better chances of getting good prices. When you have two or more people competing for the same item the price usually goes up.

Auction is like you want that specific item but there's other people also wants it so people do is they ask for a specific amount and when you buy with that specific amount that's yours unless there is one or two who wants to increasen the price to get that.

An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder.
-wikipedia

This explains it all
An auction is an avenue where you sell to the person that offers more money

Auction is the sale of goods to the person who has the highest bid. Most items at auction are usually valuable items

auction is a sale in front of crowds (with over-addressing bids) led by auction officials;

barang2 yang berharga yang kualitas penghargaan tertinggi.di semua pejabat.

a usually public sale of goods or property, where people make higher and higher bids

Auctions are the exclusive way to trade and sell by offering goods to enthusiasts in order to get a higher price than the initial expectation. Anything that is auctioned is usually rarely conditional or it could be because of the situation. There are several variations of the rules in the auction, such as the minimum bid limit, the length of the auction process until the winner determines the items won. In addition, bidders must provide identity to participate in the auction process even though the auction process will not be present directly or even send their representatives. The owner of the item usually pays a commission to the auctioneer based on the percentage of the last sale price.

Lelang adalah proses jual beli barang atau jasa dengan cara menawarkan kepada penawar.

auction is a bit different from direct buying and selling to a person as several other people are also involved in auction process rather than one buyer... So, there are many buyers who place bid to buy a particular property or a thing and then the person with the highest bid becomes eligible to purchase it....
Hope it makes you clear for more detailed process you can Google it...

An auction is a sales process in which potential buyers place competitive bids on assets or services, either in an open format or closed. The asset or service in question will be sold to the party that places the highest bid in an open auction, and usually to the highest bidder in a closed auction.

It is also a public way of selling goods or one's property.

In my opinion, the auction is the process of buying and selling goods or services by offering to the bidder, offering a higher bid price, and then selling the goods to the highest bidder. In economic theory, auctions refer to some mechanism or regulation of capital market trade.

Obviously definition would vary from one person to another, but in my opinion auction is exchanging something of value with something else of value.