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Which file format is better for sharing, TIFF or PSD?

TIFF is the better one. It's more universal and there are many service bureaus who don't like to deal with PSD's partly due to layers, etc. The same goes for other native file formats, such as CPT for PHOTO-PAINT.

It's a similar situation when working with file formats for the Web. To keep it simple, I recommend JPEG and GIF. I don't recommend PNG for photographic compression because it can bloat files sizes from 5-10x more than JPEG. Also, it's not cross-platform compatible. The only place where using PNG is OK is for 8-bit compression. Depending on the image, the compression may be slightly more or less than a GIF.

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