There is no universal image format that is best for all scenarios. Every type of image format has their own advantages and disadvantages. Here’s a summary of each formats best uses.
Probably the most web friendly image format thete is. JPEG is great for images when you need to keep the size small, such us as when tou need to upload it online. If you don’t mind compromising the the qality the image a bit, use JPEG.
WEB GRAPHICS / ANIMATION / CLIP ART
Out of the three formats (GIF, JPEG & PNG) GIF is the worst choice for web graphics, although file sizes are very small, and they load very fast. Plus, if you want to add animation effects, use GIF. Also great for clip art.
TIFF is the best and only choice for professionals when images are intended for print. Its ability to read CMYK and YcbCr color, plus its ability to store such high pixel intensity makes it the only choice for designers, photographers and publishers.
WEB GRAPHICS / LOGOS & LINE ART
PNGs are great for web graphics. If you want to keep the size small, but still retain the image quality, use PNG. Also if you want to use transparencies, the PNG is the format for you.
These files are large and uncompressed, but the images are rich in color, high in quality, simple and compatible in all Windows OS and programs. BMP files are also called raster or paint images.