I don't understand the following:

"This item is a commodity, where all the individual items are effectively identical. Individual listings aren't accessible; you can instead issue orders to buy at a specific price, with the cheapest listing getting automatically matched to the highest buy order"

Please give me an example of how the above works & thanks

10 years ago*

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you can set a buy price or sell price. if another user matches the same price, the sale is completed automatically.

the buy/sell orders will remain on the market until they are fulfilled.

10 years ago
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"The item you're looking at is being sold by LOTS of people at the same time. To make things faster, you name your price and, when/if available, we'll find the seller for you."

10 years ago
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All it means is you can put an order in at say I wish to buy at 0.15 and if there is a match it will auto buy it from a random person (Not a specific) If there isn't anyone selling it for that price it will say someone is looking to buy it at that price and you can sell it at that if you want to

10 years ago
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You can set a buy order to buy an item for a specific price, and when it is available, it will be transferred to your account with the appropriate amount of wallet funds deducted. Buying an item at a price that its available at will just be a normal transaction as always. The highest priced buy order takes precedence over lower priced orders.

Or you can list an item for sale at a specific price. That part hasn't changed much.

The only major difference for most people is that you don't see each individual listing anymore.

10 years ago
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Let us assume that I put an item for sale ($0.10).

Person A - has a buy order for $0.20

Person X - makes a buy order for $0.10

Assuming they had both placed orders at the same time, who will end up purchasing the card? Thank you.

10 years ago
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Well if a buy order is already in place at $0.20 you would sell it for that much. Person A would get it assuming no higher priced buy orders.

If you mean there are no buy orders in place and two people do it at the same time, whichever one reaches Valve's servers first.

10 years ago
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So the item would be sold for $0.20?

But I thought the seller had set the price to only $0.10

10 years ago
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It would go to the higher bidder (20), but be sold at the sellers listed price (10).

10 years ago
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Thank you for making that clear!!

10 years ago
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Suppose there is an item that you would like to purchase. The minimum price for that item is 10 dollars. You can place a buy order for that item at any dollar amount equal or above the 10 dollar minimum, and Steam will purchase that item from the seller at the lowest listed price.

Instead, suppose the most you are willing to pay is 7 dollars. You can still place a buy order in which case your order will be queued with other bids bellow the minimum listed price. When available at the ordered price, the item will go the the highest bid, and in case of a tie, the oldest bid.

It essentially automates a large portion of the market.

10 years ago
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Thank you.

10 years ago
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Closed 10 years ago by Trenning.