It's pretty much one of the only ways to make sure the artist gets a half decent cut though.

Unless you want to use bandcamp, which is much easier.

the first CD i ripped was like 2 years ago

Not ideal but artists get paid proper. Just don't share then you're mostly fine.

P.S.: Subject to your local law which may prohibits ripping a CD. This is NOT a legal advise.

Edit: I don't know if my statement is right or not given the downvotes. Can someone explain?