You should not enter own salt, leave salt empty, function will generate good random salt.
Insert into database (or file or whatever you use) whole the string returned by the function. it contains:
id of algorithm, cost, salt (22 chars) and hash password.
The entire string is required to use password_verify (). Salt is random and does not harm to fall into the wrong hands (with hashed password). This prevents (or very difficult) to use ready sets generated lists of passwords and hashes - rainbow tables.
You should consider add cost parameter. Default (if omitted) is 10 - if higher then function compute hash longer. Increasing the cost by 1, double time needed to generate a hash (and thus lengthen the time it takes to break password)
$hash = password_hash($password, PASSWORD_BCRYPT, array("cost" => 10));
you should set this parameter based on speed check on your server. It is recommended that the function performed 100ms+ (some prefer to make it 250 ms). Usually cost = 10 or 11 is a good choice (in 2015).
To increase security, you might want to add to passwords a long (50-60 characters is good choice) secret string. before you use password_hash() or password_verify().
$secret_string = 'asCaahC72D2bywdu@#$@#$234';
$password = trim($_POST['user_password']) . $secret_string;
// here use password_* function
Caution
Using the PASSWORD_BCRYPT for the algo parameter, will result in the password parameter being truncated to a maximum length of 72 characters.
If $password will be longer than 72 chars and you change or add 73 or 90 characters hash will not change. Optional, sticking $secret_string should be at the end (after the user's password and not before).