I brought one friend from EU to Steemit and he asked me, can STEEM be cashed out and how. Since I haven't looked myself to cash out, I didn't have an answer beside, "there are ways but takes few steps I don't know yet"

Maybe LiteBit could help in this regard?
If you know how, would you make a post, with the steps.

My guess would be:
1 - create wallet on LiteBit, say for Ether
2 - On Steemit platform sell SBD/STEEM using Blocktrades to buy ETH?
3 - Then somehow send them to LiteBit?
4 - Cash out through LiteBit?

Would this work?
Or you would have to open account at Bishares first? Buying BTS and sending them to your BTS wallet is easy, he can also sell BTS for ETH on Bitshares exchange. I can show him all this, but I wouldn't know, how to then proceed to get ETH from Bitshares to LiteBit.

Since LiteBit doesn't list none of the three (SBD, STEEM, BTS)

Anyway, if you do have an idea how to do it, I would guess, there would be few interested in steps involved ;-)