The "common" or "simple" whipping is a very secure wrap. with small stuff it gives a very good hold upon a smooth handle, of say pliers, filet knife, or even a gaff handle. We use it aboard the boats to affix a gaff hook securely to a two inch diameter dowel, and a 9 foot blue shark barely loosened the wrap. It is not fancy, and it works. some tips though:
1.don't make the wraps too tight, when you pull the ends, that will snug them up nicely. if they are too tight, it will be difficult to tighten down the knot. Also, if paracord is too thick, nylon twine, like seine twine or heading twine of a smaller diameter may work just as well.
2.don't bring the wrap close to the butt of the knife, that when you remove the cap/compass, the wrap may come loose. it should not if tied properly, but I prever to leave a few turns distance between the wrap and the guard and pommel of the handle.
also, if you leave one end long, you can make an effective lanyard, although I'd advise against ever using a knife that is tied via lanyard to your belt or loop.
peter