Beeswax has many uses. When doing beadwork, run your thread across beeswax to apply a thin coating of wax to the thread. This will reduce tangles in the thread and make it go through the beads easier. When using a chisel, rub the thongs on the beeswax to make the tool cut easier and pull out easier. After using an edge beveler, rub a coat of beeswax on the edge and rub it into the leather using a Circle Edge Slicker. It will give you a very professional looking and feeling glossy edge. Note that the shape of the beeswax can vary slightly from a cone shape to cylinder shape from shipment to shipment depending on the mold it was melted in.
The product is not as pictured. It looks like someone cut it off a roll.