On the Paragon Initiative site they've posted a new article showing you how to safely store a password (in 2016) that discusses both the concepts around good password hashing and how to do it in several languages (including PHP).

The Problem: You want people to be able to create a unique user account, with a password, which they will use to access your application. How can you safely implement this feature?

He advises using libsodium for some of the best protection but points out that it's not widely supported yet. An alternative that is, however, is bcrypt (including PHP. He shows how to hash a password in:

• PHP
• Java
• C# (.NET)
• Ruby
• Python
• Node.js

Each of them is basically a one-line kind of change and doesn't require much effort on the developer's part to implement. He ends the post with a few FAQs around Argon2, PBKDF2 and why he's chosen to advise bcrypt over scrypt.