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The highest price a buyer will pay for an asset.
The bid is the highest price a buyer is currently willing to pay. When you sell with a market order, you usually receive the bid. It is the other half of a quote, opposite the ask.
With a bid of $49.95 and an ask of $50.00, selling right now gets you about $49.95 per share.
If you buy at the ask and immediately sell at the bid, you lose the spread. The more people trade an asset, the closer the bid and ask usually are.