Due to frequent revisions my answer has become a community wiki, can I undo this.
Also now if a bounty gets awarded to my answer will I get the points.
You can flag and request that a moderator remove community wiki status. (This is one of the new features since the switch to MO 2.0. Here's a related post about the removal of CW, but it appears to focus on posts from before the migration.)
Yes, bounty points are still awarded for community wiki answers.
Bounties are still earned.
To your first question, you can flag for moderators to reverse that. Note however that they may decide not to do so, if they feel that your frequent editing was unjustified - or for any other reason.