What is the best video format to use for posting videos on the internet?

I'm just starting to take video off of my video camera[canon elura 100] and putting it on my computer. I made one 17 minute video but its a 700mb file. I need to make it smaller than that. What is the best type of video format to use or how can I compress this video to make it smaller? Ideally, I'd like to... show more I'm just starting to take video off of my video camera[canon elura 100] and putting it on my computer. I made one 17 minute video but its a 700mb file. I need to make it smaller than that. What is the best type of video format to use or how can I compress this video to make it smaller? Ideally, I'd like to make them small enough so I can post them on the internet for my friends to watch them or putting them on youtube or something.
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