This document discusses and compares three common image file formats: JPG, GIF, and BMP. JPG is best for photos and is the most widely used format for images on the web. GIF was created for small file sizes and animations, and supports up to 256 colors. BMP can store high color depth images but results in large file sizes. While each format has advantages, JPG and GIF are generally better suited than BMP for sharing images online due to their superior compression abilities.