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Pros :
You know the exact address (ip) of your destination, therefore if you need to connect to this device, you'll be right 100% of the time.
Uses : servers, shared printers, workstations
Cons :
Requires a set up every time you need to configure a new device to work with your static ip machine.
Dynamic IP - pretty much use this if you're at home man, there isn't anything particularly bad with DHCP for home use.
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