What is the step by step process to redeem Bitcoin into USD Currency & what other options do I have?
Is there a so called prepaid credit card I could redeem it for/into so I can use the cash for purchases, goods, services?
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As we know bitcoin as an independent currency is traded in open markets (virtual or physical ones). So, you can sell/buy bitcoins for USD or any other cryptocurrency, fiat currency or even goods and services directly. For example, you can use localbitcoins.com to trade your bitcoins with people who are willing to pay cash for it. Another example is to use Bitpay Card (bitpay.com) allows you to accept bitcoin, store and spend bitcoin securely, or turn bitcoin into USD with the BitPay Card. There are many more.
More importantly, bitcoin is a currency that can be used for purchases directly without the need to convert it into Cash. For example, you can use it to buy goods from overstock.com, purse.io, amazon gift cards, etc ...
I hope that helps.