Simple: The LOWEST & UNIQUE BID WINS!
So bid as many times as you want (on different amout of course!) and monitor your bids to make sure no one kills it ! ... 
Remember... you can be outbid if someone bids on the same price as you (your bid become then not unique) or a lower unique spot!
If at the end of the auction your bid is the lowest unique one, you win!

Like an item you see on the site? Just enter a price you think no one else will choose and enter it as your bid.
As the auction progresses you could potentially be outbid by people bidding lower than you and alone on their spot.
You can also be killed by someone bidding on your price.
You can place sevral bids, and even a range of bids. Strategy is important.
If at the end your bid is the unique lowest you win!

You do  not  have to stay glued on your screen, contrary to other kind of auctions.
A bid strategically placed at the beginning of the auction can be the winner. We do suggest that you monitor your auctions on a regular basis.

If there is no unique bid at the end of the auction, the time will be extended by random interval and so on util there is a winner.
The new auction timing will be clearly visible as well as the fact that the auction has been extended.
The auction shows "no winner" in this case instead of showing the username of the winner.

This is a good question: We don't know!

Why:

Each time a bid is placed, typically 15 seconds is added to the auction's time.

If there is no winner, last winner was killed and there is no winning bid, the auction restart for 2 hours after a short minute of pause. The auction will then restart until there is a winner when the counter arrive to zero.

- First you have the "Bis Increment" this is the ninimum différence beween 2 bids: 0.01 means you can place bids each cent, 0.05 means each nickel, 0.10 each dime etc..

- Then you have "bid costs" this is the amount of point needed for each bid you place.

- Finally you have "Blind" or "Open":

   Blind: you don't know the winning bid, you only know who the winner is. If you are the winner, you know your winning bid: it is in green on the "show my bids" pannel (link bottom left of the auction pan).
   Open: in addition you know at what price is the winning bid. There could be open spots below, you can place bids just above and then bid on the winning bid to kill it!

You can spread your bids, and no need to wait the last moment to bid, just monitor the auction on a regular basis.

If your bid is a winning one, Lowermybid will notify you by email. All you need to do is claim your product promptly within 21 days and complete the steps listed in the email.
You pay for the price of the winning bid! (plus any shipping and handling.)