1. Create new file with 72 PPI and white background. The mode has to be Grayscale. Type the text with thick font.
2. Layer > Flatten Image
3. Filter > Stylize > Diffuse
(mode "Darken Only")
4. Blur > Gaussian Blur (Radius 1.0)
5. Distort > Ripple
6. Image > Mode > Index
Color
7. Image > Mode > Table Color
(Choose "Black Body ")
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