There are several ways to edit text quickly on an iPhone. But the best way is literally under your fingers.
Over its 10-year history, Apple's iPhone has undergone many improvements to make typing on it a good experience. Editing text, on the other hand, can still be a pain. To remedy this, iPhones with 3D Touch (6S, 6S Plus, 7 and 7 Plus) have a hidden feature that makes moving the cursor easy, fast and precise.
The default iOS keyboard on any 3D Touch iPhone has a hidden trackpad. To activate it, press firmly on any key until you see the keys turn blank and feel a haptic tap (Apple calls it Taptic feedback). The keyboard essentially becomes a trackpad and as you slide your finger around the keyboard, the onscreen cursor follows.
If you want to select text, ease the pressure you apply against the screen without letting go, then press firmly again to start highlighting text. This maneuver takes some getting used to, but once you do, one-handed edits are a breeze.
3D Touch can turn your keyboard into a trackpad.
No matter which iPhone you have, there are two ways to move the cursor for edits. The first way is to tap on the screen where you want the cursor to go. This works passably, but it's not terribly accurate.
The second way is to press and hold on the screen to bring up the magnifying glass. This works better than tapping, but sometimes your finger can obscure the cursor.
Now that you are a master editor, you can type all those blue bubbles with speed and accuracy.
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