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ignorantcollective  ·  3476 days ago  ·  link  ·    ·  parent  ·  post: Is Bitcoin Dead?

I obviously really don't understand bit coin... So, if I want to use it to transfer money to another person, I guess I buy some bitcoinage using my everyday currency, and then to use it, the person I send the bitcoins to converts to their local currency. If that's not wildly wrong already, who / how is the currency conversion rate determined when dealing with bitcoins?