Yes! Your Counterparty address is also a Bitcoin address. You can send and receive bitcoins just like any other bitcoin wallet.
Since Counterparty is using the bitcoin blockchain and its mining power, you need to pay transactions fees in bitcoin like regular Bitcoin transactions.
The same reason you have to pay transaction fees in bitcoin. Since Counterparty transactions are also Bitcoin transactions, the 10 minute confirmation time also applies to Counterparty.
The decentralized exchang is a feature on Counterparty which lets you P2P trade tokens on the bitcoin blockchain without any Counterparty risk
The 12-word passphrase is basically your private key. You lose it, you lose your coins. So make sure to write it down on a piece of paper and save it somewhere safe.
Yes, you can log into other Counterparty compatible wallets like Counterwallet and Tokenly Pockets with the same passphrase
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How to use Wallet Basic questions are here
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