I have recently started learning about encryption and hashing, in my vain attempts to create a delphi application that can use a Wordpress installation for login credentials. I am having trouble finding definitive answers on certain questions as in my ignorance many online resources appear to contradict themselves and each other.

From what I understand, Wordpress uses Blowfish to hash passwords using a randomly generated salts that are (somehow?) concatenated with the resulting hashword. The reason I am confused here is because I though that Blowfish was an encryption, and not a hash?

Is my understanding of encryption and hashing too simplistic?
Encryption - reversible with a keyphrase
Hashing - relatively irreversible