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In this video tutorial, the presenter explains how to hide the placeholder text that appears in content control form fields when users fill out a form. The tutorial specifically demonstrates the process using a plain text form field. To hide the placeholder text, the user needs to enable design mode, highlight the placeholder text including the period, right-click, and select the font option. In the font settings, the presenter directs viewers to check the "hidden" box under font effects to conceal the placeholder text. The video also encourages viewers to explore the related playlist on creating fillable forms.