enter the words peat/filtration/aquarium or the like ona search engine and read some of the information that comes up
peat essentially works like di(deioniser) and will remove some of the hardness from the water
it alos leaches hummic and tannic acids into the water , some of which we see as a tea coloured stain this cause's the drop in pH- play with bioling it , standing it a stocking like a peat tea bag, covering it substarte for plants , there are lots of different ways to use it all with pro's and con's
you dont say why you want to alter your water chemistry nor what type of fish plants yu maybe doing this for
read get a good basic understanding of the water chemistry and go from there
guppies dont specifically need soft nor acidic water
though i do believe that my fish , including the livebearers, are healthier for having soft and acidic water
andrew