17So if you call God your Father, live your time as temporary residents on earth in fear. He is the God who judges all people by what they have done, and he doesn’t play favorites. 18Realize that you weren’t set free from the worthless life handed down to you from your ancestors by a payment of silver or gold which can be destroyed. 19Rather, the payment that freed you was the precious blood of Christ, the lamb with no defects or imperfections. 20He is the lamb who was known long ago before the world existed, but for your good he became publicly known in the last period of time.
If you were to go to the Merriam-Webster Online Dictionary and look up the definition for what is described in the verse above written by Peter the disciple of Christ you would get the following:
Main Entry: re·deem
1 a : to buy back : repurchase b : to get or win back
2 : to free from what distresses or harms: as a : to free from captivity by payment of ransom b : to extricate from or help to overcome something detrimental c : to release from blame or debt : clear d : to free from the consequences of sin
3 : to change for the better : reform
4 : repair, restore
5 a : to free from a lien by payment of an amount secured thereby b (1) : to remove the obligation of by payment
6 a : to atone for : expiate
synonyms see rescue
When you read through this definition, you will find that each way it is defined describes perfectly what Jesus Christ has done for us.
He has bought us back from the penalty our sins. He has freed us from the captivity and bondage of the devil. He has reformed us, changing us for the better. He has repaired our fallen state, and restored us to our rightful place before God. He has made good on the obligation of God's law by exchanging his blood for ours, justifying us. Finally he has atoned for our wrondoing, making us worthwhile in the eyes of God, and retrieved us from our life of sin and death.
I really like how the definition ends, prompting us to "see rescue". We need to "see", realize, every thing that has been done for us by Jesus Christ. He has "rescued" us from the world and the punishment that comes to those of the world, and in gratitude we need to lead lives of holiness and obedience, as "temporary residents in a foreign land".