In verse 17, Peter had revealed that our loving Father God judges the actions of His save's children. This is not to decide our eternal fate, but to weigh whether our choices are those of a holy, set-apart people. Peter writes that we should live out our lives on earth as foreigners and with "fear," meaning "reverence."
Why fear? In part, the idea is that we should carry solemn awareness of the great worth God has placed on our lives. We should appreciates the great expectation He has to make use of us, as His children, for His plans and for His glory (Philippians 2:12-13). That awareness should motivate us to be cautions about making worthless choices.
Peter demonstrates the value God has placed on us by showing the price He paid for us. He didn't pay mere cash: "silver or gold." He didn't pay temporary currency for an eternal transaction, verse 19 will reveal that He paid us with blood on His own Son, a currency of limitless value
We cannot overestimate our worth in our Father's eyes.
And what did He redeem us from? Worthlessness. He didn't just save us from hell; he bought us out of the futility of human existence that we had inherited from our ancestors. He bought us out of an empty, meaningless waste of time all that the world can truly offer us. Peter's point in all of this may be that our choices now, after that transaction, truly matter. As people of great value to God holy people we should be terrified that we will squander our days continuing to invest ourselves in worthless things.
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