I do not know much physics so please try to answer as simply as possible. I am probably confused but I recently learned that in Special Relativity (you can tell that I don't know much physics), the faster an object is moving, the more time slows down for that object. I also learnt that it is slowed down by a factor $\gamma=1/\sqrt{1-v^2/c^2}$.
However, how is the velocity measured? From my reference frame, I never move. If I walked away from someone, presumably time would slow down ever so slightly for me compared to the other person. However, in my reference frame, I just see the other person moving away from me. Which person does time slow down for and why?