at some point during this week i got this weird bump on my penis and i have no idea what it is and if its still ok to have sex with it or how to make the bump disappear
There are a few things this can be: given the location it is most likely an infection to a skin pore, hair folicle, gland or spot that are naturally present on your penis.
The other possibilities are this could be a Lymphocele or penile cyst.
I would try treating this as an infection first: get yourself some liquid antiseptic and dab a little undiluted from a fingertip 4 or 5 times a day - it should reduce in size within 3 to 4 days, if this is what it is.
If it reduces with the antiseptic continue to apply 1 or 2 times daily until the area is completely healed.
If it is one of the other 2 possibilities it will only fade away in time only if it is not irritated any further - so, sex or masturbation would likely mean this would remain for a longer period of time