question, why is the real use of the credits? is it just like a ticket so we can make a bid or we can use the credit to pay for our bids?
Hi mark coins.
In "Unique Bid Auctions" every user will pay a small fee (1 credit) for each bid independently of the amount of the bid.
Example:
1. If user "a" will make a bid of 0.0001 BTC, he will pay only 1 credit.
2. If user "b" will make a bid of 0.0001 BTC, he will pay only 1 credit.
3. If user "c" will make a bid of 0.0003 BTC, he will pay only 1 credit.
4. If user "d" will make a bid of 0.0025 BTC, he will pay only 1 credit.
5. If user "e" will make a bid of 0.0400 BTC, he will pay only 1 credit.
6. If user "e" will make a bid of 0.0500 BTC, he will pay only 1 additional credit (2 total credits).
At the end of the auction the winner, to collect the prize, will pay the amount of winning bid (in our example: user "c" with 0.0003 BTC, the lowest and unique bid).
For the beginning items are only digital or virtual, in the future, just insert even physical object, we will see what will be best to do about shipping costs.
if you have more questions please feel free to ask Smiley
