The effect of the Ring

[mormegil]

Originally Posted by Nazgûl-king

I
I think it is knowledge of what the Ring can do; knowledge that no matter what the Ring tempts you with it is eventually going to hurt you and help Sauron rather then help you.

But Bilbo never fully understood what the ring was and yet had it for a long while, essentially resisting it's temptations. But then it could be stated that not knowing what the ring was capable of was one of the reasons it never fully took hold of Bilbo. There wasn't such a temptation because he never fully knew the power of it. To him, it simply made him invisible and nothing more.