What is a Forstner drill bit and how is it used in woodworking projects?

A Forstner drill bit is a specialized cutting tool used in woodworking to create flat-bottomed holes with smooth sides. It is often used for drilling holes for dowels, hinges, or other woodworking joinery where a clean and precise hole is needed. The bit has a sharp cutting edge and a cylindrical shape, allowing for accurate and clean drilling in wood.