Storing passwords the right way

gistfile1.php

    /**
     * Hash a password
     *
     * @param string $password the password
     * @param string $verify   the password you want to verify, null just encrypts
     *
     * @return string the hashed password, the success of verification
     */
    public function password_hash($password)
    {
        $rijndael = new \Crypt_Rijndael();
        $rijndael->setKey(APPLICATION_SECRET);
        $password = password_hash(
            $password, 
            PASSWORD_BCRYPT, 
            array(
                'cost' => 13
            )
        );
        return base64_encode($rijndael->encrypt($password));
    }

    /**
     * Verify a password
     *
     * @param string $password the encrypted password
     * @param string $verify   the password you want to verify
     *
     * @return boolean the hashed password, the success of verification
     */
    public function password_verify($password, $verify)
    {
        $rijndael = new \Crypt_Rijndael();
        $rijndael->setKey(APPLICATION_SECRET);
        $password = $rijndael->decrypt(base64_decode($password));
        return password_verify($verify, $password);
    }