The differences between Gif, Jpg & Png

Gifs are 256 colours and use basic colours used for Animations and Vector graphics
Bitmaps are upto 16 million true colours, and photographic quality but large files
Jpgs, uses upto 16 million colours and are compressed bitmaps, the compression can be varied to make the file smaller or larger in size, but the more compression used the more deteriation in the image.
PNGs are true colours bitmaps and are best quality

Differences