The "soil" is probably peat moss. Whatever you are doing with the orchid that you have had for four years, continue with your baby orchid after you have repotted it into a slightly bigger pot. Try to copy the mix used on your larger orchid.

Do some research....find some complete Phalaenopsis notes written for where you are in the world and read some of the numerous past Phalaenopsis threads on this site.

There is a mountain of information about these orchids which are supposed to be easy.

It looks like a good time to re pot, the green tips on the roots mean they are in a growth phase. It's best to have the new roots grow into new potting medium. Typically you would't use soil, the roots need a lot of air to grow well. A coarse bark potting mix is common, some people also use sphagnum moss or a mixture of the two.

Basically you want a mix that will hold some moisture for a few days between watering and also allow air flow. Your watering habits and growing climate will determine what will work best.

The plant will flower on a schedule once or possibly twice a year. You will probably have a growth phase for a few months followed by a rest period then a flowering phase. A temperature drop of about 10 degrees preferably at night will help it into the flowering phase.

James hit that on the nose. My 4 seasons porch really heats up by day then will drop cool to over ten degrees lower by night and my fragrant orchids are flowering like mad. All 20 or so. They also love sphagnum mostly..I love this time of the year..