In our western concept of slavery, we tend to think of someone either being captured and forced into slavery, or born into slavery. It is almost outside of our thinking to imagine someone walking up to a Master and volunteering to become his permanent slave. A bondslave is a volunteer permanent slave.
A Hebrew was made a slave on a temporary basis (for a maximum of six years). After his time was fulfilled, he could go out as a free man. However, if because of love of his Master, he said that he did not want to go free, then his master would take him to God for a spiritual commitment, and then to the door or the doorpost. There he would pierce his ear with an awl or, in other words, with a large hole - one that would never grow back. That slave would then serve him permanently. He is then a bondslave. From that moment on, he would have no time of his own, no rights of his own, no money of his own, and no possessions of his own. He would have to do whatever the Master told him to do.
Even though the cost of being a bondslave is high, the rewards are even higher. The Master was making a very significant commitment. He was committing to take care of that slave, to protect him, and to provide for him for the rest of his life. As a slave makes this commitment, He makes that type of commitment to the slave in return. The cost of becoming a bondslave is not high, it is total. And so is the commitment of the Master.
The real motivation for making a bondslave commitment is because of our love of the Master, and not because we want His protection.