To offer more money than someone else to win an auction or purchase, or to surpass someone's offer.
Compound word from 'out-' (beyond, more than) and 'bid' (to offer a price). 'Bid' comes from Old English 'biddan' meaning to ask or offer. The 'out-' prefix creates the sense of exceeding or surpassing someone else's bid.
The auction world runs on 'outbidding'—it's competitive human nature distilled into a single word. Medieval merchants bid on goods at markets, and the person who offered the most was guaranteed to win. Now it happens in fractions of a second on online auction sites, but the principle remains: offer higher than everyone else and the prize is yours.
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