List Of Image Types

JPEG

This is the best format for non animated regualr images but it does not have transparency

PNG

Becuase this format supports the highest quality transparency it can be used for illstrations and drawings (I use it a lot personally)

GIF

This is the format of the lowest size for images and it supports a bit of transparency. It can also be used to create simple animations (it's like making a low-quality video)