A quick change type bit/bit holder includes several different structures for holding the item in a bit block without the necessity of a fastener. The bit portion of the bit/bit holder combination includes a ductile steel insert with a polycrystalline diamond coated tungsten carbide bit positioned therein. The ductility of the steel insert acts as a shock absorber to allow the bit to successfully remove concrete as well as asphalt in a road milling machine.