Data types for storing currency in web/desktop software development

MySQL is one of the most used database engine for web and desktop applications. In many software applications, storing currency is a must. For some other applications, the numbers need to store for scientific calculations. For currency, obviously we need 2 precision but for scientific calculations we may need more precisions. 

There are main two candidates for the above purposes. 


We need to know what are the basic differences between the above two. What is the best place to look at? MySql documentation.

FLOAT: "The FLOAT and DOUBLE types represent approximate numeric data values."

DECIMAL: "The DECIMAL and NUMERIC types store exact numeric data values."

So, undoubtedly it is a must to use DECIMAL or NUMERIC for storing currency.

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