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According to these verses and others, God/Jesus purchased/redeemed us with his blood

Revelation 5:9

And they sung a new song, saying, Thou art worthy to take the book, and to open the seals thereof: for thou wast slain, and hast redeemed us to God by thy blood out of every kindred, and tongue, and people, and nation;

Acts 20:28

Keep watch over yourselves and all the flock of which the Holy Spirit has made you overseers. Be shepherds of the church of God, which he bought with his own blood

Who was the receiving party - I mean the blood?

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closed as primarily opinion-based by Nathaniel, Lee Woofenden, curiousdannii, Flimzy, bruised reed Jun 25 at 13:56

Many good questions generate some degree of opinion based on expert experience, but answers to this question will tend to be almost entirely based on opinions, rather than facts, references, or specific expertise.If this question can be reworded to fit the rules in the help center, please edit the question.

This seems to be a misunderstanding of terms on your part.

Remember first that our English translations often miss nuances in translation. Words carry different meanings. These phrases are generally understood to mean that Jesus paid the price for our sins. That can certainly connote the idea of a purchase in the normal sense, as in "I paid for my groceries". However, it's generally understood in the same sense as a criminal paying the price for his crimes, as in going to jail, being executed, etc.

Unless I'm mistaken (and I'd be interested to see references that say otherwise) there isn't any major group in Christianity that actually views these as speaking as a transaction with a buyer and a seller.

Rather, it's an expression of the fact that there is a price attached to sin. It's a price we sinners can never pay, and since we can't, Christ paid it for us.

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May be it's English, the word "Redeem" means retrieving something that was lost [with/without a price - but the bible mentioned it's with a price] - as you pointed out, that is the picture on my mind – tunmise fashipe Oct 8 '12 at 15:59
    
There are definitely certain soteriologies - such as satisfaction theory or some forms of substitutionary atonement that would argue the price was owed to God or the devil, respectively. – Affable Geek Oct 8 '12 at 21:24
    
@AffableGeek The theory owing God conforms with the scripture in some way - it is God we sinned against, it is God who has the penalty and somebody paid for that instead. I am open to the other options too. – tunmise fashipe Oct 13 '12 at 9:06

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