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And then what to do with SBD, if I want to cash out? ;)

IF you to cash out SBD, need go to Bittrex Exchange.
Most people are in the STEEM internal market, convert SBD to STEEM, and transfer to an external exchange.
Seem There is only one exchange that can trade SBD.
but, There are many exchanges that can trade STEEM.

So finally we're linked back to some centralized Exchange. That's the issue!

yes, must go to centralized crypto Exchange.
!trdo