If your bet was wrong, the option might become worthless. In this case, you simply lose the money you paid for the premium.
The price you think the stock will hit (e.g., "I think NVIDIA will hit $150"). how to buy stock options
Options don't last forever. They can expire in days, months, or years. The further away the date, the more expensive the option. If your bet was wrong, the option might become worthless