What exactly is a web based Public auction

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What exactly is a web based Public auction
Internet auctions, otherwise known as virtual auctions, are completed on the web. It's actually a solution in which a supplier provides services or products via the internet where shoppers can place a bid at any time and almost anywhere. Web auctions like eBay and MadBid processes are just like ordinary auctions; it requires a seller selling an item where multiple visitors place a bid starting with an established minimum amount. Placing bids commences when a participant logs this sum of money.