I'm assuming this "put" option can be done on your "sparrow exchange"? How is "Put" different from shorting a stock and simply selling it now and buying it again at a later time?
I'm not sure I understand the need for additional steps and having an why having a new type of exchange is needed?

I'm thinking this can be simplified like "i sell btc at 9.6k then buy it again at 9k." Does this option mean i get to "bet" 1 whole btc with only $200?