I rinse it off, dry, then apply witch hazel. Let that dry, then apply aftershave.
Well, which one's better depends on what you want it for. The styptic is formulated to stop bleeding nicks. The alum block CAN stop very minor nicks, but it's mostly used as a post shave application. It can sting a little, but it gives you good feedback on where you pressed too hard, or went over an area too many times, or without enough lather. But generally, it has antiseptic properties that help with razor burn, and can also have a "cooling" effect and tighten your skin after. I think you should have both. I always use alum after a shave, and if I have a minor nick, I'll see if that's enough to stop it. If not, you have to bring in the big gun- the styptic. Alum will dry clear, but the styptic will leave a white smudge on your skin that you'll have to wash off once the bleeding has stopped.