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Formats are promises a file makes
An MP4 promises to play. A PNG promises transparency. A PDF promises to look the same everywhere. Choosing a format is choosing which promises your file keeps — here is the whole philosophy in one post.
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Every format is a trade written down
Formats exist because someone optimised for something: MP3 for size, FLAC for fidelity, WEBP for the web’s bandwidth, MKV for keeping everything. There is no best format — there is only the promise your situation needs kept.
Conversion is promise-swapping
Converting trades one promise for another, and something is always the price — size, quality, features, compatibility. Honest conversion names the price. Dishonest conversion hides it in a "ultra HD enhance" checkbox. ConvertFormat prints its limits on the tools for this reason.
The four promises that cover life
Play anywhere (MP4/MP3), look identical (PDF), stay editable (DOCX/PNG-masters), load fast (WEBP/compressed JPG). Most files you will ever touch are one of these four promises wearing a costume.