Difference of JPEG, PNG, GIF (Image File Format)

It is important that you know what type of image file you must use for saving your project. Is this file format acceptable on web?  Do you know the difference of these 3 image file format?

JPEG
(Joint Photographic Export Group)
The most common format of an image by photographic capturing devices (digital cameras) and in web pages. JPEG format compresses data to be smaller in a file, so make sure that you save your image file into a higher quality as JPEG have options on saving. Saving your JPEG image repeatedly can produce lower quality of your image file as it keeps on compressing your file too.

PNG 
(Portable Network Graphics)
PNG has just been invented recently, it has transparency for 24 bit RGB images, slower to read or write. This is actually invented to replace and or improve GIF type of images. It is a bitmap image format, and does not support CMYK colors.

GIF
(Graphics Interchange Format)

GIF is great in web and graphics which has an animation or moving images feature but with limited number of colors. It can be use for small animations or in low-resolution clips. Graphics of limited colors, GIF is smaller in size and with pure colors compare to JPEG format.