8-bit files have 2^8 colors, 256 colors, customizely chosen from a 24-bit palette.I don`t know if you can see the different when you see the images (you can find this in the world wide web).
bit depth
16 Bit raws also have 4,000 times more colours than 12 bit raws. And 16 Bit files have 16.7 MILLION TIMES MORE colors than 8 Bit Jpegs. But if your screen cannot see them, and the web cannot display them, Why bother capturing so much data??!
16-bit files have a palette of 2^16 colors, 65536 colors (almost never used any more).
24-bit files have a palette 2^24 colors, 16,7 million colors.
24-bit palettes been the norm for a long time, consisting of 3 8-bit values, where Red, Green and Blue got a value from 256 different numbers, and was introduced with VGA computer graphics back in the late 80s. Most monitors from the past serveral decades can show these 16,7 million colors, even the fat ones from the 90s, the only ones that can't are some cheap TN panel monitors that were popular back in the 00s when flat monitors were new. Literally none of this data is redundant, you will notice a difference, especially between 8-bit (256 colors) and 24-bit (16,7 million colors), it's en enormous gap between the two. It's like comparing a Super Nintendo game with a Nintendo GameCube game.