The word “bought” is translated from the Greek word agorazó (59 Strong’s) which means to buy or purchase
Paul mentioned a couple of times to the Corinthians that we are “bought with a price“, but we should not try to visualize this as a money transaction or a literal payment, because then we risk to get confused. Jesus Christ did of course pay a high price for us because the price that he paid was his life and he shed his precious blood. Nevertheless, there is a certain difference between saying that “Jesus paid for our sins on the cross”, and “Jesus paid a big price for us on the cross”. The latter option is more Biblical, and by using correct expressions we can better prevent misunderstandings that might end up in false doctrines. Maybe we will understand Paul’s point a bit better if we understand this word as redeem, liberate, deliver or release – because this is what was accomplished through Jesus’ purchase of us through his blood. Jesus made the foundation for our redemption on the cross, and we will be forgiven and cleansed the day when we confess our sins and repent. The liberation is not unconditional, but it’s offered to all.
1 Corinthians 6:18 Flee fornication. Every sin that a man doeth is without the body; but he that committeth fornication sinneth against his own body.19 What? know ye not that your body is the temple of the Holy Ghost which is in you, which ye have of God, and ye are not your own?20 For ye are bought with a price: therefore glorify God in your body, and in your spirit, which are God’s.
What happens if we don’t choose to glorify God in our bodies?
1 Corinthians 7:19 Circumcision is nothing, and uncircumcision is nothing, but the keeping of the commandments of God.—23 Ye are bought with a price; be not ye the servants of men.
What happens if we choose to be servants of men (in the spiritual sense) instead of servants of God? Here we can see that we are not supposed to live under Jewish ceremonial laws, but we are certainly not free to disobey God by breaking his commandments (which are included in the ten commandments) because then our souls are at stake.
Acts. 20:28 Take heed therefore unto yourselves, and to all the flock, over the which the Holy Ghost hath made you overseers, to feed the church of God, which he hath purchased with his own blood.29 For I know this, that after my departing shall grievous wolves enter in among you, not sparing the flock.30 Also of your own selves shall men arise, speaking perverse things, to draw away disciples after them.31 Therefore watch, and remember, that by the space of three years I ceased not to warn every one night and day with tears.
Here Paul says that Jesus purchased the church of God with his blood, but that doesn’t mean the church of God is unconditionally saved because he goes on to say that wolves will enter in among them, not sparing the flock. It will not always concern false teachers from outside of the church, but also from the inside – from their own people. Paul warns us that we must take heed (even though we are bought) because if we don’t, we might end up as disciples of these false teachers who speak perverse things. Paul wouldn’t be warning us through tears night and day unless there was a good reason to.
2 Peter 2:1 But there were false prophets also among the people, even as there shall be false teachers among you, who privily shall bring in damnable heresies, even denying the Lord that bought them, and bring upon themselves swift destruction
Peter agrees with Paul and says that there are even false prophets who are bought by God, and these false prophets can be found also in our midst. Despite being bought by God (as in: Jesus shed his blood for them too), they will bring in damnable heresies into church, and denying the Lord that bought them. The end will be destruction.
Rev.5:8 And when he had taken the book, the four beasts and four and twenty elders fell down before the Lamb, having every one of them harps, and golden vials full of odours, which are the prayers of saints.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
Rev. 14:1 And I looked, and, lo, a Lamb stood on the mount Sion, and with him an hundred forty and four thousand, having his Father’s name written in their foreheads.—-3 And they sung as it were a new song before the throne, and before the four beasts, and the elders: and no man could learn that song but the hundred and forty and four thousand, which were REDEEMED from the earth.4 These are they which were not defiled with women; for they are virgins. These are they which follow the Lamb whithersoever he goeth. These were REDEEMED from among men, being the firstfruits unto God and to the Lamb.
Above the same word is translated as “redeemed“, and we are indeed redeemed in the blood of the lamb – Jesus Christ our Savior. The book of Revelations contain prophesies for the future, and the people spoken of have already escaped the temptations of this world and have endured to the very end.
You can read more about the atonement in this article.