Changing technology

I have recently come to realize how much I enjoy good sounding music. It seems on the digital front, the technology evolves rapidly. I recently purchased the 700i from simaudio with transmission audio speakers. I think that I am safe for the next 20 years. The question is the source. I recently ordered the Music Stream 6 from Cambridge Audio. I do not have a cd player, nor turn table.

I have no real music collection except for 20-30 LP's from the 70's. There are great music options on the internet. Bottom line questions:
What are the pros/cons for starting staying with the internet as the source; if I start my own collection of music, what is the stable technology for managing the music.
Correct source is Stream Magic 6 from Cambridge Audio
Pro for internet use which I haven't adopted yet is almost endless variety which you need not store if you don't want to, like the radio streaming services. Tchnical problems may arise when you least want them to. You still have to pay for much of you favorite music and you must back up your stored music which can get costly
Against using omly internet is that there is nothing like a vinyl disc played correctly and you have physical ownership of it. It too is a magical moment one to constantly tweak and improve.
Thank you Mechans:
Please allow me a 2 follow-up questions;
1) Is there a reason that you have not adopted the internet yet?
2) Is there a recommended website that you can recommend to learn more about the LP route?

Thank you

Biggest problems w internet streaming are:
1. Low bit rate of most sites.
2. Cannot store/replay when wanted.
These can be overcome by buying and downloading high bit rate/uncompressed files

Biggest plus is endless vareity.