Hi AF, it is good to see a new guy interested in advancing his skills and knowledge and this is a great place to do so you will get responses from some really good climbers who all use slightly different techniques. The pic you posted is of a tautline hitch improperly tied most commonly refered to as a speed knot.a tautline hitch should have two wraps under and two wraps over with a stopper knot to keep it from rolling out. A Blakes hitch is a little more user friendly and tied with the same cords you are showing. There are several other prusiks or hitches that can be tied with an eye&eye prusik cord these are a little more advanced but work very well. The ID you showed can be used as a replacement for a hitch but it is very expensive and bulky and not very user friendly although very safe. My recomendation to you is learn more about tying knots,hitches,prusiks,etc. because if climbing is what you are doing your LIFE depends on it!!!