I've always used Skitch by Evernote for this, it's always been quick enough for me. Not sure I'd pay $5 for the privilege myself, but best of luck with it!
I love how simple and well made/thought out this is.
I think it'd be nice to be able to change the intensity of the effect though — depending on the font size of the part you want to redact, it may look weird, like in the example contract in the video. Maybe a simple intensity slider from weak to strong?
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