Hey, guys!
So many persons (newbies to cryptocurrency, of course) have been asking me how to go about changing their hard-earned Steem and SBD to a more familiar fiat currency they can spend. Therefore, I've decided to put together this post to give a full explanation on the path I use, and other possible paths as well.
My Path
Steem/SBD to Bitcoin (via Blocktrades) into my Luno wallet, and from there, sold and deposited in my bank account.
Easy peasy!
Step 1: Open a bitcoin or ether wallet with Luno.
Step 2: Create a beneficiary bank account (must be in your name) and upload the required identification documents.
Step 3: Convert your steem or sbd to bitcoin/ether following instructions from Blocktrades
Step 4: Sell your bitcoin/ether at the current rate from within the Luno wallet.
Step 5: Withdraw the cash into your bank account.
C'est finis!
This can also be done using Coinbase instead of Luno, which offers the added advantage of converting your Steem into other cryptocurrencies other than bitcoin and ether, such as Litecoin.
Another path is using Steemexchanger. *Disclaimer, though: I haven't actually used steem exchanger, so I don't know how it works or how secure it is.
Hope this helped!
Cheers!