GIF (Graphics Interchange Format) is a form of bitmap image developed by CompuServe in 1987. Typically, GIFs use a lossless data compression technique for a reduced file size without sacrificing the image quality. GIFs are generally used to save low-resolution video clips and small animations for streaming over the internet.
BMP, also called a bitmap image, is a raster image file format developed by Microsoft Corporation for its Windows operating system. Typically, BMP is used to save bitmap digital images in a display device and can save two-dimensional photos in monochrome and color. Although most BMP files have significant file sizes because of lack of data compression, they can be compressed losslessly via algorithms like ZIP.
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