STEEM -> STEEMpeg (on Steem Engine) -> trade to any of the already other pegs (LTC, BTC, etc) -> transfer that peg to something like TenX, Crypto.com, Crypterium, etc -> and then either spend it with a card if you have one or convert it to fiat and send to your bank (only some can transfer to bank).

This seems very complicated, but I am just making a point that you don't need exchanges.

Cyrpto is already very big... you can even use your "friend" to trade you money for some crypto. Yes using an exchange might be more convenient... but sometimes takes more time than the process I am saying.