Now I'm not a tec type and a total newbie to this crypto trading lark so cashing out has confused the hell out of me. I've read posts here that explained the first step of trading steem or SBD to Poloniex and how to sell them for bitcoin.
This one by @markush is the one I refer to while I get the hang of it:
@markush/how-to-convert-steem-in-to-cash-with-out-using-your-bank
After selling for bitcoin though it all got confusing with wallets and exchanges and I was kinda lost as I searched for a guide for each site so I didn't go wrong. So I asked an old school friend who has been into bitcoin for years for advice and he suggested Localbitcoins, link below.
Now with localbitcoins you get a wallet so no need for an extra one as it's all in one place so you can transfer your bitcoin streight from poliniex to the place where you will be selling them for the currency of your choice. Now it warns when you transfer money in it can take upto 3 hours to clear if things are really busy but last night it took about 5 minutes.
The thing I like about this site is it has a help section with video tutorials and step by step guides for buying and selling so I spent a few hours going over the guide for selling bitcoin before transfering money in.
So there is basically 5 steps to sell your bitcoin and get it in your bank account.
You choose my location and the offer type you want to make, I chose bank transfer.
Next I chose how much I wanted to sell so £100 of bitcoin and choose a trader from the list that came up. (If you are dealing a large amount of money you may need to provide extra verification of who you are beyond email and phone number.)
Everything is explained in the help section on selling so once I found a trader who was online and I agreed with his terms of buying my bitcoin, filled in my bank account sort code and number I clicked send and my coins were transfered from my wallet into ESCOW, or a holding area.
From there my trader had an hour to accept my offer or the deal is cancelled and my coins returned to my wallet but within about 5 minutes I got a message to say he had sent payment. A quick log into my bank and there was £100 payed in.
It was then just a matter of releasing the bitcoin to the buyer and leaving feedback and the trade was done.
Now this is just how I found using the site last night and you need to take care to only use low risk traders, those with 100% feedback and many recorded sales, but it was fast and easy and with the site having the tutorials I felt confident in going through the process of getting money into my bank account.
Thanks for reading, hope it helped and comments welcome.