The short answer is YES. You can microwave bread. Your microwave won’t explode.
But should you microwave bread? That’s the real question you should be asking yourself.
When you put bread in the microwave, you kind of ruin it, it’s edible, but the texture is all off.
Specifically, once microwaved, bread becomes hard and chewy. If microwaved excessively, it becomes so hard and chewy that you basically can’t eat it.
So if you’re planning on microwaving bread just to have a warmer piece of bread, don’t do it. Any other heating method is better than the microwave.
However… there are some reasons why you may choose to microwave bread, even though you’re aware that it shouldn’t be microwaved.
Reasons to Microwave Bread
Honestly? Convenience. That’s the only reason you should be microwaving bread.
For example, if you have leftovers like a meatball sub sitting in the fridge, and you want to get it warm without waiting for the oven to heat up, then go ahead and stick it in the microwave.
The bread will be chewier but still edible.
In this case, the meatball sub would have tasted better if you had warmed it up in the oven. But you wanted it quickly, so you traded taste for convenience and used the microwave.
For the best of both worlds, consider getting a toaster oven. You can buy one for less than $50.
Toaster ovens heat up quickly, solving your problem of convenience. And they don’t use the same heating method that a microwave does, solving your problem of wanting the most delicious bread possible.
Now that you have your warmed bread, add some quick cooked microwave bacon, some lettuce, and a juicy tomato slice for a quick and tasty BLT. (Don't forget the mayo!)
If you do choose to put bread in the microwave, less is more. You can wait for something to cool down, but overly-microwaved bread will never regain its original delightful texture.
Sources:
http://www.dvo.com/recipe_pages/breadmachine/Some_Like_It_Hot-_Reheating_Your_Bread.php