What a BMP file actually is
BMP is Microsoft's original raster format and in normal use stores pixels with no compression at all: three bytes per pixel, plus a header. A 12-megapixel photo lands around 36 MB. An optional run-length mode exists but is rarely produced.
BMPs turn up from legacy Windows software, older scanner drivers, industrial and medical equipment, and Paint on an ancient machine. New files in this format are almost always a sign that something in the chain has not been updated in a long time.
What you get from JPG
Saving as JPEG re-encodes the image with lossy DCT compression at a quality level you choose. Around 80% is the usual sweet spot: files shrink dramatically and the difference is invisible at normal viewing sizes.
Nothing in mainstream computing fails to open a JPEG. Thirty-year-old software, print shops, hospital systems, government upload forms, every phone and every browser — if a system takes images at all, it takes JPG.
What changes when you convert BMP to JPG
This is where the file size actually drops. A BMP stores its image without discarding anything; JPEG works in 8×8 blocks and throws away the fine detail inside each one, then usually halves the colour resolution as well through chroma subsampling. Photographs take that treatment invisibly. Flat colour, text and sharp edges do not — they are where the block boundaries and coloured fringing show up, so keep the quality high if the image contains any.
There is no transparency to preserve — BMP files do not carry an alpha channel, so every pixel is opaque to begin with. Converting to a format that supports transparency does not create any; it only means you could add it later in an editor.
Expect the file size to collapse. BMP stores three bytes per pixel with no compression at all, so a 12-megapixel image sits around 36 MB before anything is done to it. Re-encoding as JPG routinely produces a file a fiftieth of that size with nothing visible lost, because there was never any compression to preserve.