Let’s get this solved for you. For background, I have a MPW, I have a similar wireless drive from Seagate, and I have a Pogoplug system (similar in many ways to a My Cloud device. Plus, I have many devices and hard drives connected to my home network,
About you: you are saying that you don’t know what DHCP is, tells us you don’t know much about home networks yet. If you did, you would not consider a MPW because it is “wireless” You don’t need a wireless device for your other wireless devices to connect to – you DO need a well constructed home network. It’s OK that you don’t know much about networks, neither did I and many others before we needed to get educated if we wanted a home network, and YOU need a home network set up if you want your laptop, other computers, iPhones, iPads, Kindles, Android things, etc. to access your data from one another and hard drives that store it all.
1, You do not need a MPW, you need a My Cloud unit, AND a decent home network to use it on. You need a dual-band router that uses 2.4G and 5G data speeds at a minimum, and a new faster DOCCIS modem, which you can rent (a combo modem/router) from your Internet provider or buy your own. I own my router and modem. I have a gigabit network system (i.e. “fast”) so data zips from place to place in my network to work well, and not frustratingly slow.
The MPW is basically a portable system – a hard drive to store your media files on for your mobile devices for when you are away from your home network. You don’t need this. It also has an SD card reader, and from what I can tell, you don’t need this either.
2. You most likely need a My Cloud, IF you have a lot of data to store on it, and plan to add more.
You could step up to a true NAS: WD has new models called Expert and Business series, but that would be overkill for you now.
So, get a My Cloud and be sure your network is modern enough to get all you can from a My Cloud.