You've purchased a quality Straight Razor or cut throat. If you've purchased a good quality razor, it has likely gone through a number of meticulous manufacturing processes before it has been professionally honed and wetted or stropped to obtain an impeccable fin (edge.) If you don't maintain your razor, all this time and effort you have paid for has been wasted.
Preferably your razor should be stropped before each use to keep the edge polished. A strop isn't designed to sharpen your blade, just to polish the microscopic teeth at the edge of the blade/fin. The purchase of a good strop and a couple of strokes before each use should keep your razor edge for many months.
The Dovo 15240001 cowhide hanging strop has a loop to secure the strop to the wall, while the bar is held to get the desired tension. The strop is made from a fine grade of cowhide leather for gentle polishing of your straight razor with a canvas backing, which is used for coarser re-alignment of the edge.
A fine stropping paste is advised to make stropping easier and keep the leather smooth and supple.