Peter says they were redeemed from the “futile ways inherited from your forefathers,” not with perishable things like silver or gold (1 Peter 1:18). He says the price was “the precious blood of Christ,” like that of a lamb without blemish or spot (1 Peter 1:19).
In 1 Peter 1:17–21 the writer gives reasons to live carefully while away from one’s true home. Since they address God as Father, they must remember he evaluates each person’s deeds without favoritism, so their time as outsiders should be marked by reverent fear. Their new life was not bought with money but with something far more costly: Christ’s blood. This unit continues a call to a distinct way of life that grows out of a new identity and future hope. Just before this, the readers are urged to set their minds on coming grace and to be holy in their conduct because the Holy One called them (1:13–16).
The passage ties “Father” language to moral seriousness. God is addressed as Father, yet he also evaluates each person’s work without favoritism (explicit claim).
A careful answer keeps the immediate passage, the book's argument, and the whole-Bible storyline together, so the question is answered in context instead of as a detached idea.
Start with 1 Peter 1:18, then read the surrounding section so the answer stays connected to the passage's flow.
18knowing that you were redeemed, not with corruptible things, with silver or gold, from the useless way of life handed down from your fathers,