What type of bit is this?

[MichaelSlay]

What type of bit is this and what is it used for?

[NeilFerreri1]

It’s an engraving bit. For…well… engraving stuff.
Same idea as what you might call a V-bit

[MichaelSlay]

Is it a better choice for small letters than inventables 60 degree bit?

[RichardLeather]

Yes.

30degree, 1/8” shank. Gets more detail but slower carve times

[JordanLee1]

1/8" 30 degree engraving bit, pyramid or angle bit, also can be entered as a v-bit. Yes, it will give you finer details than the 60 degree, but the carve time is slower. It’s a cheap bit and creates a bunch of frizzies sometimes, but it does a decent job and I use it a lot. 150 grit sandpaper cleans things up pretty quickly.

[MichaelSlay]

Thanks JordanLee1.