What are the potential security risks of using MD5 hashing for password encryption in PHP?

Using MD5 hashing for password encryption in PHP is not recommended due to its vulnerability to brute force attacks and collisions. It is considered to be a weak hashing algorithm that can be easily cracked using modern computing power. To improve security, it is recommended to use stronger hashing algorithms like bcrypt or Argon2 for password encryption in PHP. 

// Using bcrypt for password encryption in PHP
$options = ['cost' => 12];
$hashed_password = password_hash($password, PASSWORD_BCRYPT, $options);

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MD5 hashing password encryption security risks PHP vulnerability

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