RWD has many advantages in contast to a mobile version :

1. Content management system (CMS) – RWD websites can be published and edited through one administration  panel (which is not possible for mobile versions). The panel and website are two independant services that have to be updated separately.
    
2. RWD adjusts website layout for every device separately - on RWD website we can change website layout on every device separately, so it fits the recommended width for each screen. In the mobile version everything looks the same for each mobile device.
    
3. One URL address – regardless of the device where the website is being viewed at, URL address won't change to the mobile version address. So when you send a link to another person who can view it on a different device, the website will be displayed properly. Mobile versions usually have a slight change in URL address to for example "m.webwavecms.com" or "mobile.webwavecms.com".
    
4. RWD has better SEO results – a mobile version puts us in danger of "double content". It will negatively affect the positioning of your website, when a search engine discovers that your website and its mobile version have the same content but different URL addresses.                                                                                             
5. Shared tracking codes  – mobile versions are not placed on the same service, that is why we have to implement two tracking codes (w.g. Google Analytics) and sum up the results. It doesn't apply to RWD websites.                                                                                                                                                                                   
6. Google friendly – Google encourages webmasters to use RWD technology, because it is user-friendly, so RWD websites have additional SEO advantage. 

Do mobile versions have any advantages over RWD websites?

1. Quicker to make – creating mobile version is less time-consuming.                                                                    
2. Easier to "slim down"  – optimization of the mobile version is a bit easier than of RWD one.
    
3. A possibility of creating a separate navigation and content – it is also possible for RWD websites, though it takes a lot of more time.

Conclusion

As you can see, the best good choice is to create RWD websites. Responsive websites are more accessible to users, easier to read on various devices and have a head start in terms of positioning. Let's create responsive websites and let mobile version fall by the wayside.