does bidding one cent on CPC even work? because if you only had to pay one cent for a visitor i dont know why everyone wouldnt be doing this, i mean they only charge you for visitors so....beats me
depends on your keywords, obviously you aren't going to get a lot of traffic from .01 a click in fact I don't know any keyword that would cost that little.
so what exactly would happen then, would it just never send you any traffic and never charge your account?
Try bidding higher and then gradually lowering your bids. Depending on the niche, you may be able to get clicks as cheap as 2 cents, maybe 1 cent. I keep reducing bids until the traffic drops off.
Calculate what your max bid would be assuming different conversion rates, e.g., 1% and 5%. Then you'll know what the max can be. Work down from there.
I think the cheapest way to go would be to start at .01(for 8 hours or so) and see how many time your ad is viewed... if 0, then change to .02 for 8 hours and so on... It's a really slow method, but it's the cheapest way to go!