BMP is Windows' original bitmap format. Most BMPs are stored uncompressed, which is why a 1920 × 1080 screenshot can weigh about 6 MB and is often too big to email or upload. JPG compresses photos and screenshots into a fraction of that size, and every device and website opens it.
This converter decodes each BMP with your browser's built-in image reader (1, 4, 8, 24 and 32-bit files, including the run-length-compressed variants), then saves it as a JPG at the quality you choose. The default of 92% is hard to tell from the original. A 32-bit BMP with transparency gets a background colour, because JPG can't be see-through.
When not to use JPG: for diagrams, text and pixel art, JPG adds faint smudges around sharp edges. Use BMP to PNG for those; it is lossless and still much smaller than BMP. Rare BMP variants that wrap a JPEG or PNG inside may not open.