Firefox doesn't seem to know

Firefox doesn't know how to open this address, because the protocol (magnet) isn't associated with any program.

Had this problem with what were the links to the *.torrent files on The Pirate Bay, don't know when did they change this, I don't download many Torrents from TPB these days.
Most of the instructions I found regarding this error were old, and do not apply to current versions of Firefox, so here it goes, in case I need to re-apply this:

Goto about:config
Right-click -> New -> Boolean -> Name:
network.protocol-handler.expose.magnet -> Value -> false

No need to restart Firefox, next click on a magnet link will prompt you to point what program to use, click your way to /usr/bin/transmission and you are done.