Is there a better way? I prefer blade down. I believe in working with gravity and I dislike having a blade above my hand when I reach and grab a tool. Having the blade down solves the issue of if it doesn't stay there then at least it won't fall on my hand. And is there any concern with the possibly wet knife hanging on the bar with the drops of water falling onto the handle, or drying on the blade?
The upshot is that the magnetic knife strip is a good alternative in the kitchen. Whatever way you store your knives - keep them clean, sharp, and safe. However you organize your tools, do it for you in order to make your work easier and your cooking time happier.