I'm close to understanding how the actual Payout works on Steemit using a bitcoin wallet currency exchange such as Coinbase. Just haven't reached that mark yet. Have you actually cashed out yet on Steemit? If so explain how?
When I first did the research about the Blockchain and after joining Steemit. I was somewhat lost as to how Steemit worked using such a tool. Now about a year and a half later. I have got lucky and located this TED Talks YouTube video that explains it in its most simplest terms.
Have at it!
I now know it has everything to do with trust. Who would have ever thought the Internet could be used to solve such a thing. Next up I'll need to break down Bitcoin by finding a cool video :) hopefully it doesn't take as long to locate.
Catch you down below in the comment section.