Yes it is so it means no one can take that from you physically and you will not lost it with clumsiness. The fact that it could di anything and everything a fiat currency can do makes it the best future currency. Less time to transfer money and without hassle. Also its price grows unlike ordinary fiat currency.
Nope. Not everything yet. There are so much to be done to make it like a fiat can do. Pushing merchants to make a retail store in the market or in the mall is hard which accepts bitcoin. So basically people even those who have bitcoin tends to exchange it to fiat first for usage.
As someone who has spent a lot of time trying to get merchants on board with using bitcoin, I'll tell you now that there are several key issues which affect a merchants choice whether to accept it or not:
1) is it easy to set myself up, or will it take hours?
2) Are the per transaction fees better than I can get from a normal credit card payment processor?
3) Are the withdrawal fees for the converted fiat acceptable?
4) Are the limits for withdrawal to a business bank acceptable given an expected volume of trade?
For the most part payment processors still can't come up with a complete package which satisfies all those requirements and till they do the only merchants who will accept it are those with a personal interest in the subject.
. No banks, no expenses or fees and earn extra money that they other bank doesn't have like this. 
