The Text widget is one of the simplest widgets available on Blogger.
You can provide a title for your widget (Label 1) and type some descriptive text in its body (Lable 2). There is a Rich Text editor (Lable 3) which allows you to apply some basic formatting such as bold face, font colors from a toolbar. The toolbar has a button to add hyperlinks as well.
If you know HTML, there is an Edit HTML mode (Label 4) which gives you more options for formatting text. Using this mode, for example, you can underline text, which you can't do using the toolbar. (See figure below for an illustration of that)
- Display an About description specific for a blog (Profile widget cannot do this. It will display the same About in all of your blogs)
- Display some common message such as a Disclaimer on all your blog pages