1 Peter 1:18-19, …knowing that you were ransomed from the futile ways inherited from your forefathers, not with perishable things such as silver or gold, but with the precious blood of Christ, like that of a lamb without blemish or spot.
To be “ransomed” means to be bought. A kidnapper kidnaps a child and demands a ransom be paid for her safe return. Her freedom needs to be bought, for it was stolen from her. In the same way, sin holds us captive. Our freedom needs to be bought. We cannot escape our futile ways of sin; and perishable, “precious” things like gold or silver or our works cannot free us from our captive, the Devil.
Only blood is sufficient for life (Leviticus 17:11). Yet not just any blood will do for our final release. Not the blood of any bull, goat, or heifer (Hebrews 9:13-14), or even any human (Genesis 22).
Therefore, God became a man in Jesus Christ like a lamb without fault—a sinless man as the perfect, holy God—and ransomed us with His precious and holy blood. Jesus paid for our freedom with His precious blood. And now, we are free to live for God without fear of sin and death, free to love and serve our neighbour who needs our good deeds for their own benefit.
The Lutheran Column 