Joint Photographic Experts Group
JPEG finds extensive use for storing stills and other such images. The algorithm behind it can compress an image with or without incurring a quality loss. JPEGs are standard as a space-saving format for digital photography. It is used extensively for images on the web too. Icons, text, and drawings aren’t suitable for JPEG compression.
Adobe Photoshop bitmap
An essential format for when you want to save bitmap images within a project file for Photoshop. Storing it this way doesn’t use compression, and much of the file’s structure remains preserved. This includes layer hierarchy and masks, colour spaces & two-colour settings, and everything else that facilitates minute bitmap photo adjustment.