Drill bits are cutting tools used to create cylindrical holes. Bits are held in a tool called a drill, which rotates them and provides axial force to create the hole. Specialized bits are also available for non-cylindrical-shaped holes.
For your home improvement needs - be it for putting up a shelf, building a cabinet or hanging a light fitting, requires the correct type of drill bit to be used; it must be used correctly and be sharpened as appropriate.
For basic requirements, a set of high-speed steel twist drills and some masonry bits will probably be sufficient for the average handyman. As the name suggests, masonry bits are designed for drilling into brick, block, stone, quarry tiles or concrete.
But for more sophisticated jobs/material, others bits will be required - perhaps larger, or designed for a specific material/purpose.
How to maintain Drill Bits
Learning how to sharpen drill bits is cost effective, it better to keep a bit sharp by occasional sharpening rather than waiting until it becomes really blunt. A sharp bit cuts better with less effort whether used in a power or hand drill. A sharp bit will also give a cleaner hole.