*This is not financial advice. Please do your due diligence with any financial investment.
VICTORVILLE — Buying bitcoin can be overwhelming at first, however, the easiest way to make your first purchase is at a bitcoin ATM using cash. The bitcoin machine at the Mall of Victor Valley is a convenient location to purchase bitcoin — all you need is a phone and cash.
Before you head over to the mall, a bitcoin wallet should be downloaded onto your phone. There are many to choose from — Edge, Atomic or Exodus are available, just to name a few. You will need to set up an account with one of the digital wallets in order to store your bitcoin after the purchase. The wallets can be downloaded from the app store onto your phone.
Become familiar with the settings. You will need to know how to get to the QR code to deposit the coins. This is usually located in the “Request” or “Deposit” button. You can google your wallet name and “QR code” for instructions on how to find it.
Step 1. Locate the bitcoin ATM in front of the Daniel’s Jewelers. The Red Robin entrance is the closest to the machine. Select “Buy Bitcoins” on the menu screen.
Step 2. Select the amount of bitcoin you want to purchase. An ID is required for any amount over $800.
3. Enter your phone number for SMS verification. The system will text a verification code to your phone.
4. Agree to the Terms and Conditions of Service.
5. Enter the SMS verification text message code into the machine.
6. The machine asks where to send the bitcoin. Select “Scan wallet QR code.”
7. Open up the QR code in your digital wallet and hold it under the machine’s red light scanner.
8. Wait for the machine to prompt you to enter your cash. For this machine there is a $5 minimum.
9. Insert your cash.
10. The machine confirms your cash amount and your wallet address. It tells you how much bitcoin you have purchased.
11. The machine asks if you would like a receipt.
Step 12. A “Thank you” screen appears. The transaction is complete.
The fees at a bitcoin ATM are significantly higher than if you were to purchase them through an online exchange such as Coinbase or Cash App. The ease and convenience the machine offers is accounted for in the additional fees.
There are currently 20 bitcoin ATMs in the High Desert. You can locate one closer to you on the Coin ATM Radar website.
There are several resources to get a better understanding of Bitcoin:
The white paper is the foundation for Bitcoin written by the Bitcoin creator Satoshi Nakamoto.
It can take years to fully understand Bitcoin — that is why it is recommended to purchase small amounts consistently over time (dollar cost averaging) when adding bitcoins to your wallet. As your confidence in the new technology grows, you will be able to tolerate the volatility of the coin.