Digitalizing vinyl discs

I recently became interested in the topic of digitalizing vinyl discs to copy the music my family had in that format to a digital storage like the hard drive in my PC, an iPod or a CD. Doing it is actually very simple, but the amount of specialized devices, some of them with very steep prizes, cables and connectors make it look much harder.

I will try to condense here the knowledge I’ve been gathering after reading several websites and listening to several experts on TV and radio shows.