I've been told that during pure rotation friction acts opposite to velocity of center of mass (accompanied by change of normal) and slows it down.
This is incorrect. Static friction is independent of rolling direction!
Three situations to consider:
- Rolling on a flat surface (no net force). Imagine rolling a billard ball over hard, horizontal ground. As you already know, we are only interested in looking at the contact point. This is where sliding can happen so this is where static friction can appear to try to prevent such sliding.
Now, when rolling horizontally, there are the normal force, the weight and... that's it. Static friction is a force that only appears if there is some risk of sliding it has to prevent - but since there are no forces trying to cause the contact point to slide (the weight and normal force balance out), then there is no purpose for static friction. There is nothing for static friction to hold back against. So static friction is zero (non-existing).
Rolling upwards. Imagine a marble rolling in a rough glass bowl. On its way up, gravity pulls down and tries to make the contact point slide. So static friction appears in order to hold the contact point fixed. It of course pulls upwards to balance gravity out.
Rolling downwards. The marble continues upwards slower and slower, comes to a brief stop and starts rolling downwards faster and faster. Looking at the contact point, gravity still pulls down and still tries to make the contact point slide. So in order to keep it fixed, static friction appears and pulls upwards to balance gravity out!
The fact that the rolling direction is downwards makes no difference. Static friction appears to prevent sliding, and sliding only depends on the forces that are present. Not on the motion or direction.
And now for some sentences of your to be a bit sharper with...
The point of contact doesn't slip therefore no friction is required
Be careful in this sentence. If it slipped, then kinetic friction would take over, yes. But before it slips static friction can is present. Even if something doesn't slip yet, static friction can still ne there, as we saw in the examples above.
Things don't go on forever; Friction must be present to slow it down.
Also be careful here.
Firstly, things do go on forever. A drifting spaceship or orbiting satellite, do go on forever. Nothing stops them.
Secondly, other forces than friction can slow things down. For example air drag slowing down a skydiver. And in the case of a wheel, the compression and flexing of a soft rubber wheel and displacement of a soft surface (think of driving the bike on a sandy beach) are all factors that absorb energy. This energy is taken from the kinetic motion energy, and thus slows down the rolling without friction being the main cause.
All such factors are combined into a parameter called rolling friction. It is called a "friction" because it gives the same result as other frictions, slowing down the motion, but in reality it is not a friction but just a term for sources of energy loss.