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Online auctions are digital platforms where buyers and sellers can conduct auctions over the internet. These platforms facilitate the buying and selling of goods and services through an electronic bidding process. Online auctions can be conducted in various formats, including ascending price auctions, where the price increases with each bid, and descending price auctions, where the price decreases until a buyer is found.

Key features of online auctions include:

- Accessibility: Participants can join from anywhere with an internet connection, making auctions accessible to a global audience.

- Transparency: Bidding processes are often transparent, allowing all participants to see the current highest bid.

- Efficiency: Online auctions can be completed quickly, often within minutes or hours, compared to traditional auctions that may take days.

- Security: Reputable platforms use encryption and secure payment methods to protect transactions.

Popular online auction platforms include eBay, where users can bid on a wide range of items, and specialized platforms like Bonanza for handmade items and eBid for automotive parts. These platforms often provide additional services such as buyer protection, seller ratings, and secure payment options.

Online auctions have become increasingly popular due to their convenience and the ability to reach a larger audience. They are used for various purposes, including selling collectibles, electronics, real estate, and even services. The rise of e-commerce has further expanded the reach and impact of online auctions, making them a vital tool for both buyers and sellers in the digital age.