"A chest made of wood is a good to store excess items that you can't or don't want to carry. It will hold up to 16 stacks of items."
Chests were added in the Alpha 1.1 update. Using them is the most popular way of storing items. They have a unique user interface, wich has 16 item slots. That's the same amount of slots that the players inventory has, if we don't count the 2x2 crafting grid, which can also store items. It is made of 8 wooden planks in a 3x3 crafting grid.
Note: Placing two chests next to each other does not create a large chest.
|Wooden Axe:||1.66 secs|
|Stone Axe:||1 sec|
|Iron Axe:||0.71 secs|