An md5 encryption is one of the worst, because you have to turn the code and it is already decrypted. I would recommend you the SHA256. I'm programming a bit longer and have had a good experience. Below would also be an encryption.
password_hash() example using Argon2i
<?php
echo 'Argon2i hash: ' . password_hash('rasmuslerdorf', PASSWORD_ARGON2I);
?>
The above example will output something similar to:
Argon2i hash: $argon2i$v=19$m=1024,t=2,p=2$YzJBSzV4TUhkMzc3d3laeg$zqU/1IN0/AogfP4cmSJI1vc8lpXRW9/S0sYY2i2jHT0