This English word represents a specific Greek word, ephistemi. Thus, you could look this word up in a lexicon of New Testament Greek, and gain some insight as to what Paul was charging Timothy to do. However, you would not likely have the opportunity to do so if you were working with a paraphrase such as the Bible in Basic English. If the BBE were your primary study Bible, you would never know that Paul told Timothy to be ready. This is just a small example of the problems that arise with paraphrases.
Paraphrases are often easy to read, because they use simple words and modern idioms.
However, if we are studying the Bible in order to understand what the authors intended to say, then our main concern will be accuracy. More than that, if we believe that the Bible is God's word, then we will want to study it in the purest and most accurate form available. For those of us who are not fluent in biblical languages, there are a number of sound, literal translations that fill this need quite nicely. In any case, it is a word that is only properly used of God. There is no room for denominations within the body of Christ.