As we stated previously, an IP address is a general address given to an internet-connected device (like a camera or a tablet) by the ISP. But, because there are billions of internet-connected devices in the world, and each device needs an IP address, not every device can be assigned one single address for its entire lifespan; the amount of addresses that ISPs would have to keep up with would be astronomical. As a result, dynamic IP addresses are designed to change constantly with each device.
Dynamic IP addresses are the most common consumer IP address type. While there is one set of IP addresses worldwide, oftentimes your home will be provided with a set of local IP addresses that your devices will use for a while, and then switch to a different address when the device is rebooted or after a certain period of time. Addresses are assigned by something known as a Dynamic Host Configuration Protocol (DHCP), and always takes the form of eight numbers separated by three periods (1.334.34.20 for example).
Most consumers rely on dynamic IP addresses because they're not only the most cost-effective option, but they also provide the best out-of-the box security without the need for network administration. By avoiding network administration there is also minimal setup and maintenance cost, allowing an end user to be up and running on the internet almost immediately upon installation.
The downside to dynamic IP addresses is that, while they provide the best baseline security, oftentimes the end user is left with whatever protocols the ISP has. There is less room for customization, which can mean network vulnerabilities. Dynamic IPs also tend to have slower download and upload speeds because they're built for consumer-grade use, which typically demands less bandwidth of the network.