Short answer is yes, especially if you haven't bought at least a dagger. Punching things doesn't really cut it damage wise.
Stick with it if you can, but I'd suggest rerolling and changing one of those crafting packs for either magic or fight.
Going by the description on the webpage, you're going to be stuck buying arrows again.
"...Sword/knife/blunt types are close range, and only players with bows may automatically attack from a further distance. However, bows consume arrows and MP, bu…
If people are still having fun with the download then there's a mirror at http://www.filerush.com/games/knight_online/KnightOnline.exe/
Bittorrent and direct download