Hi, I recently signed up here on steemit and found it difficult at first to understand the payout process, but it is really quite easy, so I figured I'd post about it here.
Step 1:
Choose an exchange to use to convert your Steem Dollars to Bitcoin.
Blocktrades: https://blocktrades.us
Bittrex: http://bittrex.com
Poloniex: https://poloniex.com
Follow the simple instructions on the exchange sites... you will be asked for a Bitcoin address to send the converted Steem Dollars to and then given an address to send your Steem Dollars to.
Step 2:
Go to your wallet here on steem and click on the drop down menu by your steem dollar total and select transfer.
Step 3:
The exchange you went to in step 1 will instruct you what name to use in the transfer "to" box and also an code to type in the memo section. Type in the amount of Steem Dollars you would like to transfer and then click transfer. You should see the transaction show up in your bitcoin wallet shortly. Very simple really.