Here i will try to explain what is a render, and why it's a .png, and why you can only use .png for renders.
First the definition of a render.First Definition - To make visible; to draw. The term comes from the graphics world where a rendering is an artist's drawing of what a new structure would look like. In computer-aided design (CAD), a rendering is a particular view of a 3D model that has been converted into a realistic image. It includes basic lighting such as Gouraud shading as well as more sophisticated effects that simulate shadows, reflection and refraction. It may also include the application of textures to the surfaces. See Gouraud shading, Phong shading, texture mapping and rapid prototyping.
Second Definition - To convert any coded content to the required format for display or printing. Although the term is typically used to refer to images, it may refer to any data. For example, an HTML page, which contains text and graphics, is said to be "rendered" when it is displayed.
Definition For Dummies - It's a Image that has a transparent background and is saved as a .png.
Why Is it a .png?Definition(Portable Network Graphics) A bitmapped graphics file format endorsed by the World Wide Web Consortium. It is expected to eventually replace the GIF format, because there are lingering legal problems with GIFs. CompuServe owns the format, and Unisys owns the compression method. In addition, GIF is a very basic graphics format that is limited to 256 colors (8-bit color).
PNG provides advanced graphics features such as 48-bit color, including an alpha channel, built-in gamma and color correction, tight compression and the ability to display at one resolution and print at another.
Why Use .png For Graphics?Obviously you learned by reading this thread that they are good quality depending on where it come and the renderer. Also They're transparent.

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Hope this helps and clears up some blunders.