don't trust the story in The Hobbit, unless you have a first edition, Bilbo lies (how unhobbit like!) until gandalf gets the straight story several years later. The real story appears in LOTR.
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A. Bilbo would have killed Gollum with Sting (his sword) B. Gollum would have strangled Bilbo till he died then Gandalf would have risked his life to try to find him and then get captured or killed, the dwarves would have been attacked by the Wargs and then they would get lost and the whole quest would have ended tragicly
Bilbo said, talking to himself, "what have i got in my pocket?" (it was the Ring). Gollum thought it was a riddle and Bilbo decided to make it one. he gave Gollum three chances to guess and gollum lost after four. then gollum went "to get something" (it was the ring), and Bilbo thought he was abandoned and left with the ring on. Gollum thought Bilbo knew the way out and he wanted to follow him, realizing Bilbo had the ring. Bilbo saw Gollum racing towards the gate and followed him to safety.
Gollum's magic ring that makes him invisible was lost somewhere in the caves of the Misty Mountains. Bilbo stumbled upon it, put it in his pocket, and that's how it left Gollum's possession and began its new adventures in the War of the Ring.
"It was pity that stayed Bilbo's blade." --Gandalf"Pity stayed his hand." Gollum was so pathetic that Bilbo didn't have the heart to harm him, especially as he (Bilbo) was invisible at the time.
Gollum was first known as smeagul but once he found the ring and killed his brother he was then known as Gollum (he got this name when the ring took controlled of him and he started making the chocking noise sounding like the word Gollum). He had the one ring for hundreds of years giving him unnatural long life. He became fixed on the ring and would kill anyone who would take it like he tried to do to Bilbo once he noticed he had lost it. Gollum would not give the ring up easily and tried to take it from Frodo in The Lord Of The Rings. Bilbo had it for much shorter time, so part of his own mind was still in control and was not as obbsessed with the ring as Gollum, and was able to find the will to give it up and pass it on to his adopted heir, Frodo Baggins.