PHP Forgot Password Function

Question

I have a small community website and I need to implement some sort of forgotten password function. I currently store the passwords in the DB, encrypted with MD5.

Is

Answer 1

No, MD5 is irreversible. The point of hashing passwords is to make it so an attacker who gets access to your database can't access everyone's passwords.

That said, MD5 (particularly unsalted MD5) can generally be attacked using a rainbow table. For security, you're better off using bcrypt.