Bed

Beds are objects that are used to sleep during night. When the player sleeps in a bed, the time automatically changes to day. The player can't sleep when there are Hostile Mobs near their bed. A bed is also used to mark a new spawn point, overwriting the original spawn point.

Crafting
3 Wool and 3 Wooden Planks are required to craft a Bed. The color of the wool can vary, as it won't change the color of the bed.

Trivia

 * When playing multiplayer, all the players have to be in a bed to skip the night (separate beds, as it will say that the bed is occupied.)
 * If the bed is destroyed, the player will spawn at the map's original spawn point.
 * In multiplayer, sleeping in the bed does not change every person's spawn point, just the person 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 original spawn point.
 * The player cannot go to sleep if monsters are in pursuit of the player of the player or are near the player's bed.