Here's how this works WITH beads.
I've used cube beads here, but I'll bet this would be great with lampwork spacers. Remember, you just have to make them big enough to go over a 1mm leather code. I'm not sure what size mandrel this is.
1* From the right, you'll take the first strand (I'll call this the working cord), go under the second strand, add a bead, and over the third strand.
2* From the left you'll take the first strand, go over the second strand, under the third strand, add a bead, and over the fourth strand (which was the working cord from the other side).
Repeat steps 1 & 2.
The finished beadwork will appear to have a herringbone pattern.
Braid to the end of your bracelet. Try to braid as tightly as possible, and stretch the leather a little bit as you go. You'll see the tension even out as you continue to work the braid.
At the end, you can either knot the button/bead directly onto the leather or you can add a piece of c-lon and make a shank that attaches to the button/bead. That's what I did because my Czech button has a tiny metal shank in the back that only went over a single piece of leather.
Here's a photo of the finished piece again - enjoy!
Okay, now lets see your versions!