Spyglass - 10:01 am on Jan 28, 2011 (gmt 0)

minimum bid isn't determined by level of competition, it will more likely be down to Google's perception of the quality of that keyword and how well it has performed historically, as well as how well the rest of your adwords account performs.
Chances are you'll not pay anywhere near that minimum bid for your keyword, so I wouldn't worry too much.