What are the potential pitfalls of using outdated PHP code when transitioning to PHP 7?

Potential pitfalls of using outdated PHP code when transitioning to PHP 7 include deprecated functions, syntax errors, and compatibility issues with newer PHP versions. To solve this, it is important to update the code to adhere to the latest PHP standards and best practices.

// Example of updating outdated PHP code to be compatible with PHP 7

// Before updating:
mysql_connect('localhost', 'username', 'password');

// After updating:
$mysqli = new mysqli('localhost', 'username', 'password');
if ($mysqli->connect_error) {
    die('Connection failed: ' . $mysqli->connect_error);
}