Double shredded hardwood mulch?

The reason I tried the 2x shredded is the nursery guy told me container gardeners in the UK are moving away from using peat in a big way because of price and scarcity, and using shredded bark.  I need to go back to see if I understood correctly and whether the hardwood was (is) something that would work.
 
Learning there is a bit more to this than just throwing some cheap potting soil in a bucket . . .
 
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