This is a term that can be understood in the context of a slave-market. The word Redemption means “especially of purchasing a slave with a view to his freedom (W. E. Vine, An Expository Dictionary of New Testament Words).” Now God did not need to pay Satan anything to set us free. Instead it was the demand of the Law that he fully met.
What the Law said about sin can be stated in these verses: “For all have sinned and fall short of the Glory of God” (Romans 3:23). “For the wages of sin is death (Romans 6:23a).” “The soul who sins is the one who will die (Ezekiel 18:20a).”
How Jesus redeemed us from the curse of the Law is expressed in Galatians 3:13: “Christ redeemed us from the curse of the law by becoming a curse for us, for it is written: ‘Cursed is everyone who is hung on a tree.’ “This means that we are set free through the death of Jesus from the impossibility of keeping the demands of the law (see also Galatians 3:10, 11).
Now look at the following verses which clearly connect redemption with the blood of Jesus:
“In him we have redemption through his blood, the forgiveness of sins (Ephesians 1:7).”
“For you know that it was not with perishable things such as silver or gold that you were redeemed from the empty way of life handed down to you from your forefathers, but with the precious blood of Christ, a lamb without blemish or defect (1 Peter 1:18, 19).”
The above verses clearly teach that nothing else other than the precious blood of Jesus, the Lamb of God, can set you free. Riches, money, and wealth cannot save. Paul having understood the huge price Jesus paid for your redemption said “You are not your own; you were bought at a price. Therefore honour God with your body (1 Corinthians 6: 19b, 20a).”
The Blood of Jesus Christ: What does it mean to you today?
John’s Gospel Easy Notes Lesson 35: Let Us Draw Near to God