GIF:The GIF format supports animation and is still widely used to provide image animation effects. It also uses a lossless compression that is more effective when large areas have a single color, and ineffective for detailed images or dithe.
PNG: PNG was created as the free, open-source successor to the GIF. The PNG file format supports truecolor 16 million colors while the GIF supports only 256 colors
BITMAP: BMP files are uncompressed, they are large. the advantage is their simplicity and wide acceptance in Windows programs.
PSD: PSD is a Photoshop Document, Photoshop's native format, stores an image with support for most imaging options available in Photoshop
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