Some people could argue that currency doesn't need to be sovereign to be a currency... Some government issued currencies also fail some of the tests that they claim Bitcoin fails, so one could argue failing just one test doesn't imply that something is not an currency... For example, Euro fails two of the tests, it's not issued by government, it's issued by international organization, it also has no daily use as it is not accepted as payment method by all merchants living inside Euro zone. Basically Euro is form of IOU as it is primarily used for balance keeping of credit and debit cards.
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Yes, but currently bitcoin also has practicality issues in the form of speed/transaction size as well as tax issues and volatility that all make it not really functional as a currency.
I'm not really worried about transaction size... Think about Italian lira... One had to have bucket full of coins to use a pay phone... Speed on the other hand has been issue for Bitcoin since ASIC miners were invented.... Too much hashing power will result in either premature reach of maximum emission or very long block times.