Unlike wine, whisky and Scotch stop aging once they are bottled. if you bought a bottle of 20-year-old whisky 50 years ago, you do not have 70-year-old whisky. You have a 50-year-old bottle of 20-year-old whisky.
Yep!
(FWIW, only the Scots spell it "whisky"; there is no such thing as "Scotch whiskey.")
Exactly so. In order to ‘age’ it must be in burnt oak barrels. The longer it ages, the less bitter the taste and the smoother the drink. Time is money, so it costs a wee bit more.....................