In Chapter 8, Flies and Spiders, Bilbo and the dwarves are attacked by giant spiders in Mirkwood. Bilbo manages to get away and uses the magic ring his stole from Gollum in the goblin's cave to find his friends being held captive by the spiders. He manages to rescue them all with the aid of his ring. This is an important moment in the story because I feel like this is the first time Bilbo finally gained the respect of his companions. He was able to use his wits and the magic ring to rescue the dwarves from the clutches of the spiders.
When the journey first started out, the dwarves were very skeptical of Gandalf's choice in the hobbit as a burglar. When Bilbo was able to rescue them from what seemed like a fatal situation, the dwarves were very grateful. Unfortunately, Bilbo was forced to reveal the magic ring to the others, which he had been hesitant to do in the past. However, the dwarves were so thankful that Bilbo saved them that Bilbo felt no threat towards him having the ring.
I feel like this is a crucial point in the role of Bilbo in the story. He gains credibility with the dwarves and proves to himself that he has a significant role in the journey.
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