Comparing passwords with crypt() in PHP

Question

I need to get the basics of this function. The php.net documentation states, for the blowfish algorithm, that:

Blowfish hashing with a salt as follow

Answer 1

New salt for every password

$password = 'p@ssw0rd';

$salt = uniqid('', true);
$algo = '6'; // CRYPT_SHA512
$rounds = '5042';
$cryptSalt = '$'.$algo.'$rounds='.$rounds.'$'.$salt;

$hashedPassword = crypt($password, $cryptSalt);
// Store complete $hashedPassword in DB

echo "
$password
$algo
$rounds
$cryptSalt
$hashedPassword";

Authentication

if (crypt($passwordFromPost, $hashedPasswordInDb) == $hashedPasswordInDb) {
    // Authenticated