The first thing we need to remember is that all English Bibles are translations from Hebrew, Aramaic and Greek. This means that every translation is also, to some degree an interpretation of the Bible. Some Christians argue that the King James Bible (KJV) is the most correct Bible. They often point to how other translations differ from the KJV. However the KJV is a translation like the others, and it too has its problems - not least that the English language it uses is now 400 years old. This makes it harder to read if you are not familiar with the English language that was in use in 1611!
All Bible translations can be roughly grouped into three categories.
1. Literal translations
Literal translations try to translate word for word as far as possible. While this helps a modern reader to see the original structure, it can also make the text seem quite "wooden", or more difficult to read than paraphrases or Dynamic Equivalence translations. Examples include the New Revised Standard Version (NRSV), the English Standard Version (ESV) and the New American Standard Bible (NASB).
2. Paraphrases
Paraphrases take each idea in the original and render it into English. The most popular one today is The Message, others include The Living Bible.
3. Dynamic Equivalence
These translations aim for literal translation but also readability. They are generally very accurate, which makes these the most commonly used Bibles. Examples include the New Living Translation (NLT), and the New International Version (NIV).
I would suggest that for most people, a dynamic equivalence translation should be your main Bible. I would also strongly recommend using a translation that was done by a committee rather than an individual. I use the NLT or NIV for most of my reading.
If you want to get into serious study then a literal translation would be helpful. I use the ESV as my "literal" translation. Literal translations are also better when you're speaking to Jehovah's Witnesses, for example. Mormons use the KJV, so it's worth having one in case they call. And every now and then, when you just want to read the Bible - The Message is great at delivering Scripture in a punchy, fun and casual way. I also have an audio version of The Message and I love listening to it. The only issue with The Message is that the language is very American, so non-US readers may need to get used to the language. I would give The Message to someone who isn't used to the Bible and is reading it for the first time - especially as it translates the so called "anti-gay" verses correctly!
Which leads to another question - are any translations anti-gay, or gay friendly? As I say, The Message is gay friendly as the translation is accurate. And in a sense yes, some Bible translations are anti-gay, however I think this is simply due to the beliefs of the translators rather than deliberate mistranslation. The NLT interprets arsenokoitai (1 Corinthians 6:9-10; 1 Timothy 1:9) as "practicing homosexuals" which is a bad translation. The NIV is slightly more honest as it shows that there is some confusion in those two verses. The 1984 edition translated one as "homosexual offenders" and the other as "perverts". There is also a "Study New Testament For Lesbians, Gays, Bi, And Transgender" but I don't recommend it - it's not very readable and for 3 verses hardly worth it when you can do your own homework!
One interesting version is the Amplified Bible. There are many words in Hebrew and Greek which have many shades of meaning. Obviously translators need to pick one, right? Not necessarily, the Amplified Bible uses a system of punctuation and brackets to expand on the original meanings. This makes it longer to read, but you get so much more, which makes the Amplified Bible a valuable addition to your Bible study. Have a look at Psalm 27:4 which says:
New Living Translation
The one thing I ask of the Lord— the thing I seek most— is to live in the house of the Lord all the days of my life, delighting in the Lord’s perfections and meditating in his Temple.
New International Version
One thing I ask from the Lord, this only do I seek: that I may dwell in the house of the Lord all the days of my life, to gaze on the beauty of the Lord and to seek him in his temple.
Amplified Bible
One thing have I asked of the Lord, that will I seek, inquire for,and [insistently] require: that I may dwell in the house of the Lord [in His presence] all the days of my life, to behold and gaze upon the beauty [the sweet attractiveness and the delightful loveliness] of the Lord and to meditate, consider, and inquire in His temple.
Talking of Bibles, there are some to avoid. The Jehovah's Witnesses have their own Bible known as the New World Translation. It's a doctored version of the Bible designed to support JW teachings, especially on the nature of who Jesus is. It should not be used by any Christian for any purpose other than discussion with the Jehovah's Witnesses, and even then, you must have your own Bible on hand as many of the corruptions in the New World Translation are very subtle.
You can read different translations at Bible Gateway. Whichever translation you choose, read it regularly, asking the Holy Spirit to open your heart and mind, and to help you understand what he has to say to you through the Bible.
Personally, I would recommend the NIV or NLT as your "day to day" Bible, and compare them with the ESV for more serious study. Here is how these 3 versions render a few different passages as examples.
Revelation 3:20
New International Version
Here I am! I stand at the door and knock. If anyone hears my voice and opens the door, I will come in and eat with that person, and they with me.
New Living Translation
Look! I stand at the door and knock. If you hear my voice and open the door, I will come in, and we will share a meal together as friends.
English Standard Version
Behold, I stand at the door and knock. If anyone hears my voice and opens the door, I will come in to him and eat with him, and he with me.
Note, the ESV literally translates "him". The NIV and NLT both use inclusive language as this refers to men and women. The ESV brings out that literalness, that you wouldn't get in the NIV and NLT.
Romans 3:25
New International Version
God presented Christ as a sacrifice of atonement,through the shedding of his blood—to be received by faith. He did this to demonstrate his righteousness, because in his forbearance he had left the sins committed beforehand unpunished—
New Living Translation
For God presented Jesus as the sacrifice for sin. People are made right with God when they believe that Jesus sacrificed his life, shedding his blood. This sacrifice shows that God was being fair when he held back and did not punish those who sinned in times past,
English Standard Version
whom God put forward as a propitiation by his blood, to be received by faith. This was to show God's righteousness, because in his divine forbearance he had passed over former sins.
You can see the NIV and NLT both translate the thought, though you can see the NIV is more literal than the NLT. The ESV literally translates the words.
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