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I'll agree with Charles in that you will find people that swear by paste and some by hone but the rounding issue he talks of is not an issue if you are using a paddle strop.

The rounding issue is...

I use a DIY pasted paddle strop to sharpen/maintain just about all my razors. The paddle I made from a scrap piece of 1x1 and an old leather belt. I sanded the 1x1 smooth and cut it to 16 inches...