Naturally. Bitcoin easier to store, transport, carry out transactions and so on. In the end, the value of gold is determined only by the fact that it is made into jewelry and some trace components contain it.
Yes, as is every other crypto-currency. In fact, many of them are superior to Bitcoin in features. Also, just because I can't carry a duplex to the store to purchase something doesn't mean it has no value. On the contrary, I can issue paper/crypto notes with a claim against that valuable asset. And no, the value of gold has never been solely determined by it's industrial value.