Which Version of the Bible is Best?
The old joke-answer to this question is "The one that you will read."
But I think that answer does a bad job of answering what most people mean when they ask that question.
Usually, people are smuggling in a few extra questions all at once with this question, like, "Are there even differences between the versions? How do translations work? Are all Bibles the same?"
So, buckle up for a clear explanation that isn't even covered in a lot of seminaries!
The Three Components of Translations
1. The manuscripts that you want to translate.
2. The mindset of the people who are translating.
3. The method of translation (basically, deciding between word-for-word or concept-for-concept).
People usually think about #3, and that's it. But there's a lot going on before that, and that's a lot more important than people think it is.
The Manuscripts
What, exactly, is the text that is being translated? Where did it come from?
When it comes to the Old Testament, this is fairly simple. The 39 books that make up the Old Testament are written entirely in Hebrew, with the exception of a few chapters that are written in Aramaic. There are basically no variants once it got written down in a final form. The Dead Sea Scrolls have helped demonstrate the complete lack of variations in the Hebrew Old Testament
Caveat!
For the sake of completeness:
Here are a few (very inaccurate) depictions of how Bible translation takes place.
<graphic: telephone game>
<graphic: "THE GREEK" --> pick some flowery language --> End product>
<graphic: "THE GREEK" --> Pick between word-for-word or concept-for-concept translation --> End product>
This is inaccurate.