What is the difference between ereg and preg functions in PHP for regular expressions?

The main difference between `ereg` and `preg` functions in PHP for regular expressions is that `ereg` is a POSIX-compatible function, while `preg` is Perl-compatible. `ereg` is considered deprecated and should be avoided in favor of `preg` for better performance and more features.

// Using preg_replace instead of ereg_replace
$string = "Hello, World!";
$pattern = "/Hello/";
$replacement = "Hi";
$new_string = preg_replace($pattern, $replacement, $string);
echo $new_string;