farbfeld is uncompressed and almost no everyday app opens it. JPG opens on every device and is accepted by practically every upload form. FF is at home in piping images between command-line programs; JPG is the usual choice for photos you need to share, upload or print. JPG is lossy, so keep the FF original if you may need full quality later.
JPG has no transparency, so see-through areas of an FF are filled with a solid colour, white by default; you can change it under Options. The defaults suit most files. Under Options you can set the quality, aim for a target file size and resize the result.
Pictures with more than 8 bits per channel are reduced to 8 bits when they are decoded.