A bearing is a mechanism to allow two surfaces to rotate over each other smoothly. They are also designed to take some amount of force, be it paralell or perpendicular to the rotating surface, or both. They work on the premise that things roll over each other with less wasted energy than they slide. They generally take the form of balls or rods between two round housings.
If your wheel bearings go, worst case is that your wheel becomes very difficult to turn. Worst case is that it locks, binds, and you leave the bike the unpleasant way. I'd reccomend you get them changed ASAP. They shouldn't be too much to do, if they're already doing the wheels.
If your wheel bearings go, worst case is that your wheel becomes very difficult to turn. Worst case is that it locks, binds, and you leave the bike the unpleasant way. I'd reccomend you get them changed ASAP. They shouldn't be too much to do, if they're already doing the wheels.