What are some key differences between PHP versions and how can they impact development?

Key differences between PHP versions can include changes in syntax, new features, deprecated functions, and security updates. These differences can impact development by causing compatibility issues with existing code, requiring developers to update their codebase to work with the latest PHP version.

// Example code snippet demonstrating how to handle a deprecated function in PHP 7.4
if (function_exists('deprecated_function')) {
    deprecated_function();
} else {
    // Handle the deprecated function in a different way
}