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Hello, all
please tell me what is a smart contract?
I'm confused

Hello,
a smart contract (or crypto contract) is a program that executes a set of conditions defined by the creator of the contract. It is smart, because the software is doing something automatically once the conditions are met. It is crypto because a lot of what is happening is based on the principles of cryptography.

What advantage does it have?

The benefit of a smart contract is that technologies like blockchain and cryptography ensure the execution of a peer-to-peer contract without needing to involve lawyers and trust (smart contracts are trustless peer-to-peer contracts).

One could say Bitcoins whole system of transactions is composed of blockchain-based smart contracts.
I understand correctly?

In fact, one could essentially call substantially all cryptocurrencies are smart contract-based. However, the term smart contract is often associated with the Ethereum network (since its a software platform focused on hosting smart contracts and decentralized applications on a blockchain).

what functions can the smart-contract perform?

The reality is, the potential of smart contracts goes far beyond just facilitating transactions. Smart contracts can really do anything you could imagine a software-based contract doing, including interacting with decentralized applications.

If the contract says send X tokens to Y wallet on Z date (or more generally do X thing on Z date) then it will be so. If a contract says grab this data, then ping this other contract, then store that data there, then wait 5 days and ping this contract, and then execute this contract, then send this data there etc it can do that too. There really isnt a limit to the software-based things smart contracts can do (although, a programmer must program the contract and on Ethereum you have to pay fees for sending information between contracts - gas).