Why we should got for static linking library and dynamic linking library

Hello!

Why we should got for static linking library and dynamic linking library. The only difference I know is dynamic link libraries are not linked compile time and when we except initial performance of application then we go for dynamic linking.

Is there any other significance of each and in which situation we should go for each??
If your application and plugins loaded by your application need to all access the library, or if the library needs to be able to be swapped out with a different version without recompiling, you have to use a dynamic library.
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