What are the drawbacks of using md5() for password hashing in PHP?

Using md5() for password hashing in PHP is not secure because it is a fast hashing algorithm that can be easily cracked using modern hardware. It is vulnerable to various attacks such as collision attacks and dictionary attacks. It is recommended to use stronger hashing algorithms like bcrypt or Argon2 for secure password hashing in PHP.

// Using bcrypt for secure password hashing
$password = "password123";
$hashed_password = password_hash($password, PASSWORD_BCRYPT);