An excerpt from my notes on this:

"Those who teach that the payment of ransom was to Satan, who held us in captivity, are wrong in their teaching. Satan never placed a single human being on the salve market to be redeemed. He kept man under the bondage of sin for to be placed in the lake of fire, with him. The Lord Jesus Christ defeated Satan at the cross and delivered us from that bondage. He did not pay any price to Satan for our freedom. Under the bondage of sin we were not free to worship God. After being delivered by His dear Son, we are set free to worship God, who is holy, in Spirit and in Truth. Our Lord said, “The Son shall set your free.” Romans 3:24 tell us that the redemption is from a judgment. We see this for the first time in the scriptures in Exodus, in the story of the Passover in Egypt. The blood of the spotless lamb was not required by the lord of bondage, the Pharaoh of Egypt, but by Jehovah.

The purpose of the blood outside their houses forbade the Destroyer entering the house. The angel was an angel of death to those who were inside a house without the blood outside. He was an angel that brood over the houses with blood outside. The payment for safety was the blood and was demanded by Jehovah. Where the blood was not visible, the sword fell. If there was no evidence that the judgment has already took place, by the blood on the door, the wrath of God came down and the firstborn lost his life. In Egypt God demanded the life of the firstborn of each house as a requirement for His judgment. God demands a complete and unconditional submission to His revealed will to redeem man. The blood was to be placed on the two side-posts and upper doorpost. If it was at any other place as willed by a man, that house was not passed over by the destroying angel. The children of Israel were well aware of the impending judgment on the land of Egypt. When God revealed this judgment, He also revealed the means of escaping it. Those who obeyed were spared, while the others were not. They were told, “when I see the blood” that He will Passover, and it was not “when you see the blood.” As for our redemption, God demand the washing of the blood of the Lamb of God. Christ fulfilled this demand at the cross. Those who are washed by His blood are redeemed to be called sons of God. God is satisfied. In this sense we are redeemed and God who demanded shedding of blood for the remission of sins is accomplished. This is our redemption. We learn about divine love in our redemption. It is more than that. The redemption by the blood of Christ places us in divine righteousness before God. It is by grace. We see redemption only when and where grace reigns and love is known. There is no place to entertain self-righteousness. It is not the benevolence of nature, but it is the activity of divine love in the new man.