What is the safest way to store a password using Code Igniter?

I am using Code Igniter for my current project.

As of now, I am using MD5 for password hashing, but I have read at a lot of places, that it is not a good practice to do so.

What should I go with?

1. Using a salt
2. Or should I use bcrypt

Also, if bcrypt is recommended, then how to use it with Code Igniter?

EDIT

I have put these files in application/libraries

1. PasswordHash.php
2. c/Makefile
3. c/crypt_private.c

In my controller, I am using this code -

$params = array(
       'phpass_hash_strength' => 8,
           'phpass_hash_portable' => FALSE
       );
$this->load->library('PasswordHash', $params);
$password = $this->passwordhash->HashPassword($pwd);

I am getting these errors -

A PHP Error was encountered

Severity: Notice

Message: Uninitialized string offset: 3

Filename: libraries/PasswordHash.php

Line Number: 116

A PHP Error was encountered

Severity: Warning

Message: strpos() [function.strpos]: Empty delimiter

Filename: libraries/PasswordHash.php

Line Number: 116

Update

Removed PasswordHash.php, using SimpleLoginSecure now.