Bed

Beds are Blocks added in Update 0.4.0 that are used to Sleep during the night cycle. When the Player sleeps in a Bed, the time automatically changes to day. A Bed is also used to mark a new spawn point, overwriting the previous or original spawn point.

Crafting
The color of the wool used can vary, as well as the type of Wooden Planks, as neither affects the color of the Bed.
 * 3 Wools + 3 Wooden Planks => 1 Bed

Trivia

 * When playing Multiplayer, all the Players must be in Beds to skip the night.
 * Before 0.11.0, if the Player's Bed was destroyed, the Player would respawn at the spot where his/her Bed used to be, instead of at the world spawn point
 * This was fixed in Update 0.11.0.
 * In Multiplayer, sleeping in the Bed does not change every person's spawn point, just the spawn point of the Player that sleeps in the Bed.
 * Sleeping to set a new spawn point doesn't affect a Compass, and the Compass will still point in the direction of the world spawn point.
 * The Player cannot go to sleep if monsters are in pursuit of the Player or are near the Player's Bed.
 * If the Player attempts to do so, a message will appear saying, "You may not rest now, there are monsters nearby."
 * If the Player attempts to sleep in the Nether (or the End), the Bed will explode.
 * During the development versions of Minecraft, before the bed was made, a block called Crying Obsidian is used to set the spawn point of the Player. This was removed from the game due to the addition of Beds and the expensive crafting recipe: an Obsidian and a Lapis Lazuli.
 * A Player is able to sleep as soon as the Clock face shows half night and half day, and until dawn.
 * The Player can sleep before it reaches Light Level 4, which is how dark it must be for hostile mobs to spawn. Doing so can prevent Hostile Mobs from spawning outdoors.
 * Players can sleep during Thunderstorms (not normal rain), even if it is daytime.