I need to create a text area wherein the user can adjust the font, color, or make it bold or italic. Just like here in the stackoverflow or the one you can see on forums. And when I display the output from the database, it will be displayed as it is.
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There are a lot of WYSIWYG/Markdown based text editors available. Here are a few.
Another useful resource: 10 Feature-Packed Javascript WYSIWYG And Rich Text Editors