Coco fiber has a wide variety of uses. It can be used as a basket liner. It can be used as a backing for root systems on mounts to retain some moisture instead of sphagnum moss. Coco fiber is a great alternative material that will hold moisture, but not overly-so if you have an environment that is already humid, or you prefer to water more often.
This is also the same material we use as another Neofinetia falcata potting material (you can see a picture of a large 'Seikai' variety after growing in the fiber for one year). If you have been using moss and want to try something that does not break down as fast, this is a good alternative. Know that it breathes more and will need more water than sphagnum moss. Coco fiber should last anywhere between 2 and 4 years on average, and most likely the plant will outgrow the pot before the coco fiber breaks down. Check on it once in a while for snow mold when in plastic. It sometimes forms near the drain holes but is easy to get rid of. It also works in clay pots as well, which will again require more water than when in plastic. All in all, experiment first, find a balance, and then switch over!
Another great way to use it for moss mounds it to use this as the base liner, and then use moss on top. This is a method for those looking to dry moss out quicker, those who like to water often, or those who have a high humidity environment.