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.
TIFF or TIF, Tagged Image File Format, represents raster images that are meant for usage on a variety of devices that comply with this file format standard. It is capable of describing bilevel, grayscale, palette-color and full-color image data in several color spaces. It supports lossy as well as lossless compression schemes to choose between space and time for applications using the format.
You can also convert BMP into many other file formats. Please see the complete list below.