BidForCoin

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Bid for Coin is a reverse auction bidding sites that auctions bitcoins to benefit Bitcoin-friendly causes and non-profits.

The service is located at https://www.bidforcoin.com.

Bid for Coin's style of reverse auction is called a lowest unique bid auction, where the bids are secret, and the lowest bid that was purchased by exactly one player wins. The bids start at 0.001 BTC and increase in increments of 0.0002 BTC.

The bidder pays the specified price for each bid purchased. After the total of all purchased bids exceeds the prize amount, the prize is awarded to the lowest unique bidder, and the remainder is split evenly between the site operator and a specified cause or non-profit.

Currently, these causes include the Bitcoin Foundation, the Free Software Foundation, and the Internet Archive.

Any Bitcoin-accepting non-profit can create auctions with a valid Bitcoin payment address.

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