What are the differences between a *.gif and a *.jpg (*.jpeg) file?

Original Pixel Display
384 x 383 pixels
linton2.gif

File size - 71927 Bytes
linton2.jpg

File size - 13910 Bytes

Reduced Pixel Display
100 x 100 pixels
linton2.gif

71927 Bytes
linton2.jpg

13910 Bytes
Note the differences and non-differences!
The *.gif format of the same image is a larger file to store, and the appearance is grainy.

Even though the smaller presented images to the left appear to be such that the storage would be smaller, it is not. The download of the image from a remote ISP, the bytes downloaded and the time required to display the smaller image is the same; independent of how the browsers display the images.

In addition, each of these four images are downloaded. That is, all four images require there four units of download time and four units of computer memory to store them.