How options actually work on binance?

So, often when shopping for bitcoin I set up shopping for orders at specific prices. I was talking about this with a good friend who buys stocks utilizing choices, and he stated:

You can promote places at the strike you needed to buy, if the worth is on the cash, you purchase the asset on the worth you needed, if its out of the money you get the premium.

Wich is cheap, I did a check with a small sum of money and bought a put, but since it was out of the money the the contract expired I only stored the premium, what occurs if the contract expires on the cash?