The King James Version (KJV) — Translated in 1611 by 47 scholars using the Byzantine family of manuscripts, Textus Receptus. This remains as a good version of the Bible. It has been the most reliable translation for over three centuries, but its Elizabethan style Old English is difficult for modern readers, especially youth. This is still a good translation for those who can deal with the language.

The New American Standard Bible (NASB) — Translated in 1971 by 58 scholars of the Lockman Foundation, from Kittle’s Biblia Hebraica and Nestle’s Greek New Testament 23rd ed., which include the Alexandrian Family codices. Though academic in tone, it is said to be the most exact English translation available. A very good version.

The Living Bible (TLB) — A paraphrased rendition of the King James Version by Kenneth Taylor in 1971. This is not a genuine translation, but is a type of phrase-by-phrase commentary that was originally intended to help the author’s own children understand the scriptures. It is useful for inspiration and commentary, but for serious Bible study it should only be used in conjunction with a legitimate translation.

The New International Version (NIV) — Over 100 translators completed this work in 1978 which was composed from Kittle’s, Nestle’s and United Bible Society’s texts, which include the Alexandrian Family codices. This is considered an “open” style translation. It is a good, easy to read version.

The New King James Version (NKJV) — 130 translators, commissioned by Thomas Nelson Publishers, produced this version from the Byzantine family (Textus Receptus) in 1982. This is a revision of the King James version, updated to modern English with minor translation corrections and retention of traditional phraseology. This is a very good version.


Conclusion
The various versions or translations are there to make the bible easier to read and to keep it accurate as language constantly changes.  That being said, should you read the bible from start to finish, you will find that the message is consistent and clear no matter what version you read.  The translation becomes more important with serious study of the bible; most have several translations to help provide a more complete picture of what the original greek or hebrew text intended.

Caution
While in a state of uncertainty, one should always search for the answers.  However, in doing so, one should not lose site of the original purpose. So, chose an easy to read translation (eg, NIV or NLT) and read the entire bible, cover to cover.  Then go back and do detailed studies for areas that were not clear.


Reference Material
¹Why so many translations – by Dr. Dale Robbins
http://www.victorious.org/translat.htm

Detailed information on Bible versions
http://www.guardiangifts.com/bibles.asp

Biblical Facts
http://www.bible.com/answers/afacts.html