English does not have a phonetic alphabet. Instead of thinking that the spellings reflect pronunciations, you need to see that words have both spellings and pronunciations, and that they are not always consistent with each other.
One reason for this is that English spelling was mostly standardized during the Middle English period of the language. Since that time, the pronunciations have changed while the spellings have stayed the same.
Another reason is that the Latin alphabet is not ideal for the sounds of English. There are 26 letters, but there are 40+ sounds - 5 or 6 vowel letters but 16-21 vowel sounds, depending on dialect; and 20 or 21 consonant letters but 24 consonant sounds. Since English does not use diacritics, we use digraphs where possible. But it's a mess.
For the most part, English speakers learn the pronunciation first, and then memorize the spelling. This is the best idea for learners too.
So, even though bush and rush are spelled similarly, their vowels are different. For most English dialects, bush has the same vowel as look, and rush has the same vowel as up.
If live is a verb (Live long and prosper, or I live in New York City), the i is pronounced the same as the i in "sit": /ɪ/. This pronunciation is used for all tenses of the verb, and also for the participles lived and living.
If live is an adjective (The band played for a live audience, or Live from New York City), the i is pronounced the same as the i in five: /aɪ/. Alive also has this pronunciation.
Best Answer
In the USA both are used equally. But the spiːʃiːz is considered British. So it comes down to a matter of taste.
You must have the Macmillan dictionary. They tend to put both.