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Web formats are jpg, gif, and png. I'm surprised to see that web browsers will even display bmp files - when did they make that change?Anyway, like ni[x]it hints at, posting bmp files on the web makes others have to suffer through long download times since the files are so huge. The following file is a 12k jpg file. The same file saved as a bmp is 688k. It's only 553 x 392 pixels, at 72 dpi. 
And as LordZ says, you should be able to save out jpg files from MS Paint. If I were on a PC, I'd tell you how - sorry I can't help you there. When you do figure it out, be sure to experiment with the different compression amounts to see how small you can get a file and not see much artifacting. This will vary from file to file. One more tip from the graphics geek: If your image is a graphic containing mostly flat areas of color, gif is a better format than jpg to save in as, you can see from the following examples: colortest.gif:
 colortest.jpg:

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