Another post actually triggered this question.

Sauron assumed anyone who found the Ring would use it against him, but anyone who has had the Ring could only turn invisible (Bilbo, Frodo) and would eventually become corrupted by it (Gollum, Frodo). Even Aragorn says (*from the movies at least): “You can’t wield it. None of us can. The One Ring answers to Sauron alone.”

So can anyone besides Sauron use the Ring for power? It seems like the answer is NO based on three different hobbits having held it in their possession for great lengths of time (and even worn it briefly) and it only extending their lives while simultaneously withering them, plus Aragorn “confirming” no one else can use it. But then Sauron — presumably the one person who should truly know its capabilities since he created it — thinks it inevitable that it would be used against him, plus Galadriel and Gandalf also say they fear they would use it’s power to do good but be ultimately be corrupted. So can anyone use it for power or not? It seems…inconsistent? Contradictory? Am I making sense? Bueller??

Tl;dr Who can use the One Ring for power? Aragorn says only Sauron can and, from experience, Gollum became corrupted from possessing it and Bilbo/Frodo would only turn invisible while wearing it, but Sauron, Gandalf, Galadriel, etc. think it could be used for power.

*While I rewatched the movies recently, it’s been a few years since I reread the books so not sure if it’s covered in there and I just forgot or what.