Image file formats are painless because almost any software can open most of all formats and there are open compatible formats that are used everywhere such as png.
However, each format has its own specialty, jpg is good at being very compressed but cannot be as good as png for quality. Some formats like svg are vectors, which means they are designed to stay perfectly clear no matter in which size they are displayed. There are also formats such as .xcf and .psd that contains a complete image editing project rather than just an image.
More image formats will be added soon!
- Vector image