What are the drawbacks of using MD5 for password hashing in PHP, and what alternative hashing algorithms are recommended?

Using MD5 for password hashing in PHP is not recommended due to its vulnerability to brute force attacks and collisions. It is considered to be outdated and insecure for storing sensitive information like passwords. It is recommended to use stronger hashing algorithms like bcrypt or Argon2 for secure password hashing in PHP.

// Using bcrypt for password hashing in PHP
$password = "secret_password";
$hashed_password = password_hash($password, PASSWORD_BCRYPT);