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or easier option is write your text save as low quality jpeg open saved file with a normal picture viewer zoom right in to desired amount take a screen shot you will see same quality as you are after paste screen shot back in photoshop but crop just the portion you want if you want this to actually end up within an image then I guess the ways I suggested are no good but you can do same things with the text in a new document put save it as a png etc so you dont have any background then you can transport the text back into your image as a layer sounds complicated doesnt it