Your local IP address is the numerical representation of your device's
location on the Internet. Every device (computer, router, modem, cell
phone, etc) that connects to the Internet has a unique IP address. The
IP address them the ability to to communicate with each other , for example
browse the web , download files or send email. Some
connections have a temporary or dynamic IP address and others have a
static IP address. Your local IP address can assist technicians when
troubleshooting your access or connections to and from Web sites.
What is DNS?
DNS allows us to use words instead of IP address,
It is much easier for us to remember a word than a series of number.
So in order to browse google we enter http://www.google.com instead of ip http://126.96.36.199
Dynamic Ip or Static Ip ?
Dynamic Ip is assigned from a pool of Ip address your isp have,
this type of Ip address is mostly used for users internet connection, and will change dynamicly every few days,
or when relogin to the network.
Static Ip, is an Ip address that never changes, mostly used for hosting a server ,your ISP may charge extra for this type of Ip Address.