Learn what JPEG is. Learn what RAW is. (I'm gonna save this and post it every time this comes up. )
ALL IMAGES START OUT AS RAW. Your camera processes the image- per certain adjustments you may have set- such as white balance or compression amount... and drops the image from 12 or 14 bit to 8, and applies your settings- irreversibly to the final JPEG image. If you set the white balance wrong- you can improve the image- but you can't really get it like it would be if you had set it right at exposure.
All JPEG is... is a loss-full compression algorithm. Why people stick up for and defend an algorithm, and one that degrades the image on each successive save, is beyond me. It is a final destination, not the journey. You can polish the fart- but it is still a fart.
JPEG is the "VCR" of digital images. It is not the best but it is readily supported across software and output devices and services. That is the only reason it is still around- it offers no other advantages. Currently, JPEG works in 8 bit per channel depth, I have heard of a 12 or 14 bit depth version coming that will improve things I suppose- we'll have to see. JPEG compresses images in part by pixel averaging. ie; it takes pixels that are similar but slightly different from each other- (Detail) and simply makes them all the same, (thus loss of subtle detail) This simplifies the code needed to store the image electronically, and thus allows the image to be compressed in memory size. The slider you may come across - adjusts the size of an image in JPEG, it is in part- expanding the number of different, but similar colors to appear for all time thereafter- all the same, making the code even more simple.. Every time YOU SAVE a jpeg, it runs this pixel averaging algorithm all over again on the pixels it already averaged the last time(s)- (simply opening and closing does not) . Thus every time you open an image and save- more subtle detail is lost to future enhancements or adjustments... etc. It degrades- no matter how slight you have the jpeg settings set at.
RAW is loss-less format- what the camera sensor saw- no processing. Every pixel is perhaps a bit different across the image- this is subtle detail. Even in a jet black area- there is often LOTS of detail. (JPeg may make this all one color black...) IN the RAW, these differences usually remain intact- depends just how underexposed it is... . This pixel color is "Described" in a mathematical form in 12 - 14 bits. The larger the number- the more accurate the subtle diffence. So on a logarithmic scale- an 8 bit channel has 256 tones, vs a 14 bit which has 16,000. SO you work with the raw or lossless algorithm, leaving the RAW file just as captured, so you can return later and mess with it all over again- its all still there.
Your "expense" is a much larger file size- and the time you take to adjust it, computing power, memory- etc. . These are the downsides to RAW workflow size/time/capability
YOu can make jpegs from raw to your advantage- ie- work with the raw file, get everything just the way you want it, then save a copy as a JPEG. That's what you look at or send around to get printed. There is no advantage of turning a jpeg into raw or any other loss-less algorithm unless you count the further degradation factor from whatever you already lost. You can;t retrieve detail that was dumped.
Your eye may not be able to detect all these subtle differences. But your computer can see the differences, and you can bring them out, etc., whatever. SO your final save- the one you send to the printer, the one you upload to view- etc. for this... JPEG is perfect! OR if you are shooting in an environment that is not particularly challenging or a snap shot sort of situation- where you would not expect to want to spend time adjusting , etc., then shoot in JPEG!
I shoot in both- I dump all the NEF's if the jpegs look fine. I even adjust them a bit when needed. If someone picks one, then I turn to the raw version to work with. If Ihave captured something special- i save the NEF (Nikons RAW format) I have nothing against JPEG - I just understand what it is- and don't pretend it is something it isn't.
It is your final "destination" - some trips are long and some area quick- just around the corner... LOL.
8 bit vs 12-14 bit explained.
http://laurashoe.com/2011/08/09/8-versus-16-bit-what-does-it-really-mean/