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In this lightning talk presented at Pivorak Conf 2.0, Bohdan Varshchuk delves into the complexities of managing funds within fintech applications, providing insights into best practices and common pitfalls. The main focus is on effectively handling monetary types, ensuring precision in calculations, and maintaining transaction integrity. Varshchuk emphasizes three primary considerations when managing money in applications:

- **Monetary Types**: It is crucial to avoid using floats and doubles for money calculations due to potential imprecision from floating-point arithmetic. Instead, using types like BigDecimal is recommended to ensure accurate monetary computations.

- **Precision and Scale**: Understanding the concepts of precision (the total number of digits) and scale (the digits after the decimal point) is essential, especially as some currencies can have more than two decimal places. Hard-coding these limits can lead to future difficulties.

- **Custom Monetary Types**: Developers should consider creating custom types for handling money, using libraries such as MoneyShem, which facilitates seamless currency conversion and transaction handling by allowing operations on specified amounts and currencies.

Additionally, Varshchuk touches on the importance of accounting for users' balances by considering multiple accounts in different currencies and ensuring that transaction history is maintained to prevent issues like double spending. Key strategies include:

- **Account Versioning**: Maintaining a history of transactions allows for better oversight of changes to user balances and helps detect anomalies that may indicate fraud.

- **Understanding Price Fluctuations**: Recognizing that prices can fluctuate significantly—especially in the context of cryptocurrencies—is vital for accurate financial modeling. Fees should also be dynamically accounted for based on transaction specifics.

- **Centralized Management of State Changes**: To avoid race conditions and ensure data integrity, a single point of management for financial operations should be implemented. This means handling transactions in a controlled manner rather than directly altering balances, which mitigates concurrency issues.

In conclusion, Varshchuk advocates for adopting a culture of best practices in managing money within applications. He advises implementing robust checks to handle unexpected events such as double submissions, thereby safeguarding against large erroneous amounts that could lead to significant losses. He underscores the importance of diligence and precision in all financial transactions to maintain integrity and avoid costly mistakes.

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