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GIF stands for Graphic Interchange Format and was standardized by CompuServe
in 1987. The very first GIF format was GIF87a and saves images at 8
pits-per-pixel with a colour level of 256. Then in 1989 CompuServe updated the
GIF format to include animation, transparency, and interlacing, which was called
GIF89a. Apart from animation, transparency, and interlacing there is little
difference between to two.
JPEG
The JPEG image format was developed by Joint Photographic Experts Group.
JPEG's best feature is the compression, you can compact the image file to make
it the size smaller (bytes). The problem with this format is that there is a
trade-off details detail and size. Generally its best to save JPEG's at 50%
compression.
Bitmaps
Bitmaps was invented by Microsoft (everyone's favourite company). The Bitmap
format saves your image pixel for pixel, in other words, what ever you see on
the screen before you save is what you see when you open the image again. The
only drawback is that the file sizes can be extremely large, which may result in
longer download/upload times
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