How Auction Works? Key things to know! – xtingles

Bidding process:

When you make a bid the whole amount of bid withdraws from you wallet
If someone outbid you then money immediately goes back to your wallet
If you win then the Ting immediately goes to you and starts to show in your personal account

Auction parameters:

Starting bid is the minimal amount of money for the first bid
Bid difference is the minimal difference between two consistent bids. Usually it equals 5%
Time of last bid. If someone bids in the last X minutes of an auction, the auction will automatically extend by X minutes. Usually X equals 15 minutes

Be careful with outbidding yourself:

If you want to outbid yourself for some reason, then you will not receive your previous bid money back. For such case your minimal next bid will be equal to Bids difference amount. New bid will be calculated as first bid plus second bid