Files having extension .BMP represent Bitmap Image files that are used to store bitmap digital images. These images are independent of graphics adapter and are also called device independent bitmap (DIB) file format. This independency serves the purpose of opening the file on multiple platforms such as Microsoft Windows and Mac. The BMP file format can store data as two-dimensional digital images in both monochrome as well as color format with various colour depths.
Files with ICO extension are image file types used as icon for representation of an application on Microsoft Windows. These come in different size, colour support and resolution to suit the requirements of the display. Another similar image file format on Microsoft Windows is .CUR for cursor representation and defines a hotspot in the image header. On MacOS, ICNS file formats serve the same purpose as ICO files. Several online websites as well as applications provide the feature of creating such files and convert other image formats such as BMP, PNG, etc. to icon file format. The official IANA registered Internet media type for ICO files is image/vnd.microsoft.icon.
You can also convert BMP into many other file formats. Please see the complete list below.