How does the base64_encode and base64_decode functions in PHP compare to MD5 encryption for password storage, and what are the drawbacks of using base64 encoding for sensitive data like passwords?

Base64 encoding is not suitable for storing sensitive data like passwords because it is not encryption, but rather a form of encoding that can be easily reversed. MD5 encryption is also not recommended for password storage due to its vulnerability to brute force attacks. It is recommended to use more secure encryption methods like bcrypt or Argon2 for password storage in PHP.

// Using bcrypt for password hashing
$password = "password123";
$hashed_password = password_hash($password, PASSWORD_BCRYPT);
// Storing $hashed_password in the database