The title is literal. If you own a bike and a penis/clitoris, you could be at risk for permanent sexual disfunction. This is more common for males, but it can also happen to females as well.
Bikes are a common occurrence in our everyday lives. They’re faster than walking, give us a good workout, make us feel “eco friendly,” and we don’t have to pay for gasoline. Despite their seemingly pleasant appearance, they could be causing us harm ever so gradually. The number of bicycle riders (at least in the US) are all but increasing over time as well:

Why is riding a bike a problem though? Bike seat designs.
Here lies your typical bike seat pulled off of the first search from google:

Looks pretty normal, right? Well, that is the problem. Long and narrow seats like this actually place your entire weight essentially on your penis or clitoris. Almost all standard bike seats are like that.. partially due to marketing and looks of it.
By sitting on a standard bike seat, you are crushing the blood flow that run underneath to your genitals via the pelvic bones and your weight on top of the little narrow seat. There’s essentially a bone more so made for sitting, but the seat designs prevents sitting on them. Occasional crushing from your bike seat may not do much damage (or at least immediately), but repeated exposure can cause harm. People most prone are those who ride 3 hours or more a week.
This also includes exercise bikes— it’s anything with a bike seat like above.
The red squiggly line is what supplies blood flow to the genitals — the artery. The penis is only erect from blood flow. No blood flow = no erect penis.

How common is it?
Men as young as their late teens or early 20s have reported issues with erectile disfunction from biking. It can really happen anytime though. It may be a gradual process... or it may be relatively fast.
Irwine Goldstein, MD and director of San Diego Sexual Medicine states that “The earliest warning sign is numbness or tingling.” So, essentially, if you are riding a bike and start to feel sore or numb around your genitals, STOP and take a break at the very least. Stand more on the pedals than relying on your seat solely.
Solution:
However, the best solution is simply to get a different bike seat.
One such seat is like this:
You want a seat that either doesn’t have a nose in the front or one that has a hole in it so there is less pressure to the penis/genital region.
What happens if the issues arise from this?
Typically, changing your lifestyle (getting a different seat) will fix the issues. However, sometimes the damage is permanent. In these situations, drugs like viagra won’t help— the blood flow has already been clamped off. At this point, the only viable option tends to be penis surgery. Even that isn’t fool proof. There is a 65 - 75% chance of sexual restoration after the operation, which alludes to a 25 - 35% chance of permanent penis failure.
I don’t want to cause fear within people — it’s still a good idea to ride bikes. As a primary sports medicine physician and medical director in San Diego said: "You have a 50% chance of developing and dying from heart disease, so your primary focus should be exercise and diet -- the two main components of fighting heart disease and ED.”
Just be aware of risks taken so you can bike without further problems “down the road." :)
Sources:
https://www.webmd.com/men/features/biking-and-erectile-dysfunction-a-real-risk
I also have received info from my notes from the Psychology of Sex class I was enrolled in.

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