Coconut coir powder will do the same job, is easier to wet and has a more neutral pH, but cotton gin trash or composted rice hull also make suitable substitutes.

Don't use coconut fiber for anything! It contains a large amount of taurine which is difficult to wash out and very toxic to a lot of plants - a lot of sellers don't even try to detox it and it is lethal. The smallest size expanded clay pellets, if well soaked, contain a surprising amount of water but also allow air and are good for cuttings that don't need a lot of water, if you tamp the container and provide 100% humidity. But for stuff like carnivorous plants sphagnum is the only option. Good luck - Ian.