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How will PHP7 turn out for PHP? Is PHP slowly fading away?

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PHP is slowly fading out, but you need to maintain the old code. So demand will be there. Also, some clients are low-budget and PHP is easy to install and code.
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Adobe Certified , Microsoft Certified Trainer with 9 years of experience

PHP7, which was launched in December 2015, was a substantial advance over earlier versions of PHP, fixing several bugs and providing other features that have benefited the language and its ecosystem. PHP isn't going away; it's evolved and improved tremendously with PHP7 and beyond. PHP's widespread use...
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PHP7, which was launched in December 2015, was a substantial advance over earlier versions of PHP, fixing several bugs and providing other features that have benefited the language and its ecosystem.
PHP isn't going away; it's evolved and improved tremendously with PHP7 and beyond. PHP's widespread use in web development, a robust community, and ongoing improvement ensure that it remains a viable and popular option for developers. The enhancements introduced by PHP7 were critical in preserving and improving the language's efficiency, usability, and developer satisfaction.

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