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Following nearly a year and a half of development, Beezid launched in October 2009. [1] The company's name is a play on the word "bid," using a form of slang similar to izzle-speak. [1] On September 30, 2016 Beezid auction site was placed on standby. [2] Beezid confirmed the site is no longer functional on October 11, 2016 on their Facebook ...
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Each of the bids increases the price of the item by a small amount, such as one penny (0.01 USD, 1¢, or 0.01 GBP, 1p; hence the name of the auction), and extends the time of the auction by a few seconds. Bid prices vary by site and quantity purchased at a time, but generally cost 10–150 times the price of the bidding increment.
Auction sniping (also called bid sniping) is the practice, in a timed online auction, of placing a bid likely to exceed the current highest bid (which may be hidden) as late as possible—usually seconds before the end of the auction—giving other bidders no time to outbid the sniper.
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