How do I store IOTA?

As a cryptocurrency enthusiast, I'm curious about the best practices for securely storing IOTA. Could you elaborate on the various options available and provide some guidance on which method would be most suitable for long-term storage? Also, I'd appreciate it if you could explain the differences between cold and hot wallets, and how they impact the security of my IOTA holdings. Furthermore, what measures should I take to ensure the safety of my private keys and seed, as well as how often should I backup my wallet? Understanding these key considerations is crucial for me to safeguard my digital assets.