Is holding bitcoin long term risk free?
No. Holding any bitcoin has risk to it...it's not risk free.
like if i hold for 5 years more then isn't there a high chance that i will earn a good profit?
Yes, there's a chance that the value of the bitcoin will increase. There's also a chance that bitcoin fails and becomes worth pennies.
The fact that we've been able to earn so much appreciation attests for the risk we've been bearing. The more risk you take on the greater chance you have an high gains (or high losses)
If you believe in bitcoin long term keep your bitcoin in its paper wallet and ride out the Segwit storm. That's the LEAST risky thing to do...if you do in fact want to own bitcoin. (Technically the least risky thing to do is to not own any bitcoin...but what's the fun in that?!)
Definition of Risk Free Investments:
https://en.wikipedia.org/wiki/Risk-free_interest_rate