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Ripping generally refers to transferring the data from the disc to the hard drive. This process does not degrade the video. When you re-encode the video, that's when you'll get some video quality loss, though if it is done well, it might be hard to discern.
Which container format do you want as an end result? There are several to choose from, like mkv, mp4, or simply a smaller Blu-ray video.
What equipment will you be playing this from? This often times has a major effect on the encoding parameters that you use.
What size output do you need? Or is this a concern?