A put option is a contract that gives you the right to sell an underlying asset at a specific price. Put options increase in value as the underlying asset decreases in value. Puts go up when the prices go down. It is the opposite of a call contract.
Buying put options let you protect yourself from the dip: buying puts lets you protect your heavy positions if the price falls by granting you the right to sell at a price even if it crashes. Puts go up when prices go down.
Selling puts give you a way to write insurance for other people and get premiums for doing so
Selling put options lets you get paid for buying the dip: if you are looking for a way to earn extra money for buying crypto, selling a dip is the way to go. Set a buy price you're comfortable buying the crypto at and get paid a premium by someone for the right to sell their tokens at that price in the future.