What is an online auction?

An online auction is a type of auction that is conducted over the internet, where buyers and sellers can participate from various locations using a computer or mobile device. Online auctions typically involve bidding on items such as collectibles, art, jewelry, electronics, and more, with the highest bidder winning the item. The bidding process is usually automated, and the auction typically operates on a set timeline. Payments are usually made online, and the item is shipped to the winning bidder.
The two main types of online auctions are:
English Auction: This is the most common type of online auction. It starts with a low opening bid price and continues until the auction deadline. Bidders increase the price in incremental amounts until there is only one bidder left, who wins the auction by having the highest bid.
Dutch Auction: In this type of auction, all bidders are given the same price at the beginning and the price decreases until a bidder is willing to buy the item at the current price. The first bidder to accept the price wins the auction. Dutch auctions are less common in the online auction space.

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