What are the potential security risks of using MD5 passwords in PHP applications like Yourls?

Using MD5 passwords in PHP applications like Yourls poses a significant security risk because MD5 is considered a weak hashing algorithm that is vulnerable to brute force attacks and collisions. To improve security, it is recommended to use a stronger hashing algorithm like bcrypt or Argon2 for password hashing.

// Hashing the password using bcrypt
$hashed_password = password_hash($password, PASSWORD_BCRYPT);