Basic is just that - a basic disk, you can remove and add it as will.
Dynamic disk is an enhanced partition table in Windows that enables enhanced features such as software raid.
Also, every time you want to use it on a new computer, or even if you just remove and put it in, you will have to manually import the disk.
Personally, unless this is very good software or it has very big benefits, I would leave it is a basic disk - I deal with many removable disks and I use basic on all of them.
Source:
https://superuser.com/questions/45779/dynamic-vs-basic-disk-hard-drives
Microsoft tends to shift from a basic disk setup to its dynamic setup when you create more than four partitions on an MBR disk. This is helpful for a Windows-only system. But, if you want to dual-boot with something else, you're likely to have problems accessing the Windows filesystems, or even installing your new OS.
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