system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: The difference between image file formats (ie: .jpg, .jpeg, .png, etc)
gpt
The basic format is the bitmap .bmp - a simple table of colored points. It is rather large and inconvinient to transfer.

The .jpeg or .jpg is a compression method that looks for small, easy to remember patterns in the picture, prefering important information like edges and slightly neglecting boring parts such as fine detail monotone areas.

.gif is another compression method that remembers only selected 256 colors. Its pictures are small and allow the "transparent color" which is useful for use on the internet. It can also make neat animations but ~~is~~ *the algorithm of compression used to be* patented.

.png is a non-patented upgrade to gif that allows much more color, good compression, ~~the~~ *more shades of the* "transparent color", and doesn't forget any details like .jpg. It is very good for the internet applications. Doesn't allow animations though.

There are also many others with varying degrees of compression, and additional features for specific applications.