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For 2), surely you would have to pay capital gains tax on the increase in value. To be fully compliant with the law, it may be hard to enforce in reality.

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Depends on your country of residence. In the US, I believe this is the case, in Denmark, this isn't the case (http://taxinsights.ey.com/archive/archive-news/danish-assess...).

Of course. It does vary on a country to country basis. I believe most countries consider BTC an asset rather than a currency, thus incurring the capital gains tax.

Sweden for example does, and I believe Norway as well. Funny that, Scandinavian countries usually have similar legislation. ( http://blog.btcx.se/bitcoin-nytt/dags-att-deklarera-bitcoin-... )

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