Facebook Ads: What difference does the bid value make?

[Rebecca]

When you sign up to do a Facebook add it asks you how much you want to bid per click.

As I understand it you then are charged that amount every time someone clicks on your ad to go to the link.

What difference does it make if I choose 1p rather than £1?

Thanks.
I understand that I will pay more if I put a higher number as the bid value, but what more do I get for my money if I pay more?

Does paying more give me a bigger ad? Or change when the ad is displayed?

Why would I not just put 1p and save myself money if it makes no difference?

[dannyboy2111]

The Difference is how much you put into it

[narrowmother399]

The difference that the bid value makes is the amount of money that you paid for advertising on Facebook.

Good luck!