Here is a cool keychain style, which can be used as a bracelet also Here I have made one in blue and the other one in green. Please comment on it, and any tips, problems, or thumbs ups are welcome with open arms.

Step 1: Stuff You'll Need

So the stuff you'll need are:-
        1) A 4 feet of paracord
        2) A Keyring and a snap hook (the snap hook is optional)
        3)Any accessory like a bead, designed button, etc.

Step 2: Getting Ready to Start Tying the Knot

This knot has the same basic idea as the Cobra knot, except, in the cobra knot, you tie it WHILE alternating the sides. But here, you do the knot all on the same side. But since some of you don't know how to do it, here I am.
Find the middle of the cord. Hold on to it. Take the desired length of the keychain and mark it with the keyring, IF you want to attach it on this end. If you want to attach it on the other side, then mark the length with a twist tie or rubber band. If you are using a snap hook, you can use it instead of the twist tie to mark the length.

Step 3: Tying the Knot

Here I am naming the cord on the left side "Cord A" and the right cord "Cord B". These names will stay, no matter which side the cord is on. And the center two cords are going to be called "the main cords". Okay, lets begin now, shall we?
      1) Take cord A and place it under the main cords and above cord B. Form a loop on the left side with cord A.
       2) Take cord B over cord A and over the main cords and into the loop formed by cord A. Pull both the ends till it tightens.
       3) Now do the same thing, except make the loop on the same side, but with cord B.
       4) Now repeat steps 1 & 2 until you run out of cord. Keep in mind that the the cord on the left side is the one that goes under the main cord, forms the loop, and goes over the right side cord, while the cord on the right goes over the left side cord, over the main cords and into the loop formed by the left side cord, regardless of what cord it is (i.e. either cord A or B).

Step 4: Finishing Touches

Now I had a LOT of excess cord once I was finished, so I cut it all off. Then I super glued the loose ends in place since I used Macrame Cord. But in the case of paracord, you should use a torch to melt the ends in place.

Step 5: The Accessory

Here, I am using a designed bead that looks like an anchor of a ship. So I super glued it in place. Attach your accessory with regard to what it is.

Step 6: The Finished Piece

Now your own Twisted Paracord Keychain is ready! Now go show off in front of your friends (though it is not recommended) and have fun with your very own DIY keychain.