What are the potential pitfalls of using float values in PHP for storing monetary amounts?

Using float values in PHP for storing monetary amounts can lead to rounding errors and precision loss due to the way floating-point numbers are represented in binary. To avoid these pitfalls, it is recommended to use integer values and store amounts in the smallest unit of the currency (e.g., cents for dollars). This approach ensures accurate calculations and avoids unexpected results in financial operations.

// Storing monetary amounts as integers in cents
$amount = 1000; // $10.00
$amount_in_dollars = $amount / 100; // Convert back to dollars for display
echo "$" . number_format($amount_in_dollars, 2); // Output: $10.00