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Picture of Attach a Compass to a Paracord Bracelet
Paracord is for emergencies, right? Survival and such. Well, out in the wilderness, you'd also want a compass with you, in case you need to know where you're going. Why not have both at once?

Step 1: Make a Paracord bracelet

Picture of Make a Paracord bracelet
There are many different patterns for creating a Paracord Bracelet, and it all depends on your preference. For some great examples, check out StormDrane's instructables.
 
Good idea.