How do we know that we are bought with a price?

The concept of being bought with a price is rooted in scripture, particularly in 1 Corinthians 6:20 where it states we were "bought with a price." The price of our redemption is the sacrifice of Jesus, whose blood was shed to free us from sin and the spiritual bondage to Satan. Peter reiterates this in 1 Peter 1:18-19, explaining that we are not redeemed with corruptible things but with the precious blood of Christ. This means that our salvation is not based on our merit, but on the grace of God and the cost of Christ's sacrifice.