Frequently Asked Questions
What is a "lowest unique bid auction"?
In a typical auction, the highest bid wins.
In a reverse auction, the lowest bid wins.
In a lowest unique bid auction, the bids are secret, and the lowest bid that only one person picked will win. That's what this site is.
What is being auctioned?
In a typical auction, you bid money for physical goods.
In our auctions, you're bidding small amounts of bitcoin to win larger amounts of bitcoin.
How do I bid?
From our homepage at https://www.bidforcoin.com:
1. Select an auction. There are many auctions to choose from and most will benefit different charities or causes. Pick the one you like best.
Now you are at the auction page.
2. Enter your payout address. This is your bitcoin wallet's payment address. If you win the auction, we will send payment to this address.
Beneath the payout address field, you'll see a grid of numbers.
3. Select your bids. Tap individual numbers in the grid to select them. The total is displayed next to the "Place Bids" button. Click that button to submit your bids.
Important: Next you send us the payment for your bids. If payment is not received promptly, your bids will be cancelled, so don't delay!
How do I send my payment? How do I send bitcoins?
If you have any bitcoin, you will have a bitcoin wallet. Your wallet is either on a website or in a program on your computer or mobile phone.
When you place a bid, we give you a total amount in bitcoin, and a payment address. In your wallet, send the specified amount to the specified address.
Then watch your bid receipt page to see your bid get confirmed.
What happens next? What is a reserve?
The auction will remain open until all of the purchased bids for all of the players exceed the prize amounts. That threshold is called "the reserve".
Once the reserve is met, the auction will be "Closing" waiting for all placed bids to be confirmed or cancelled. New bids can be placed during this time, which extends the Closing period.
When the auction closes, payments are sent to the winners, and half the remainder is sent to the cause or charity listed. The other half goes to run this site.
How long does the auction take to close?
The auction cannot close until enough bidders have bought enough bids to meet the reserve (see above).
Once the reserve is met, the auction will be "Closing" until 30 minutes after the last confirmed bid. If other bids are placed and confirmed during this time, the time window will expand by another 30 minutes.
What are my odds of winning?
You are competing only against other humans. There is no randomness or luck or cards or dice. Just you against your opponents.
What are some good strategies?
The best thing to do is see how many bidders there are and how many bids have been placed. Human behavior may seem random, but it's actually quite predictable in the aggregate.
We publish the complete results of every auction on the site so you can see these patterns and develop your own strategy.
We also publish in JSON format so you can write software to crunch the numbers.
What is "bitcoin"?
Bitcoin is a digital crypto currency. If you don't have bitcoin, this site won't be much use to you.