How do you use bcrypt for hashing passwords in PHP?

Bcrypt is an hashing algorithm which is scalable with hardware (via a configurable number of rounds). Its slowness and multiple rounds ensures that an attacker must deploy massive funds and hardware to be able to crack your passwords. Add to that per-password salts (bcrypt REQUIRES salts) and you can be sure that an attack is virtually unfeasible without either ludicrous amount of funds or hardware.

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