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The TIF or Tagged Image File Format is used for storing multiple images in one file, supporting both 8 and 16 bits per channel for up to 48-bit images with varying transparency. It is commonly used as a larger container to keep many images together before transport, making it ideal for editing photos later. TIFs are often left uncompressed to maintain image quality, but they also offer two lossless compression algorithms for added functionality. Its benefits include support for various image depths and transparency levels, making it versatile for different needs.