A bag used to safely store away bling. Many pimps don't tell anyone, but they keep their Blingbag under their pillow. Also, it can be used in public to prove you're not poor, you just don't have your bling on.
At the end of the day, before the pimp goes to sleep, he takes off all his bling and stuffs it in his blingbag.
"Dat pimp didn't believe me was a for real pimp, so I reached in my pocket and pull out me blingbag, dat homie backed off right quick."