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.
A JPEG is a type of image format that is saved using the method of lossy compression. The output image, as result of compression, is a trade-off between storage size and image quality. Users can adjust the compression level to achieve the desired quality level while at the same time reduce the storage size. Image quality is negligibly affected if 10:1 compression is applied to the image. The higher the compression value, the higher the degradation in image quality. JPEG image file format was standardized by the Joint Photographic Experts Group and, hence, the name JPEG. The format has been the choice of storing and transmitting photographic images on the web. Almost all Operating systems now have viewers that support visualization of JPEG images, which are often stored with JPG extension as well. Even the web browsers support visualization of JPEG images.
You can also convert BMP into many other file formats. Please see the complete list below.