Hanging the guitar from a wall hook would allow you to display it as an accessory to your music room or living room and make it easily accessible. As Tim said, high enough to be out of reach of your little curious one.
A gig bag would offer protection from dust accumulation, but if you are going to leave it untouched long enough to accumulate dust - then Dr. Mayhem's advice about storing it under a bed in a hard shell case is probably best.
A good quality hard shell case can also help maintain proper humidity levels if a humidifier is used inside the case.
No matter how or where you store your guitar, one of the most important considerations (especially for acoustic) is the humidity level. Too damp will cause the wood to swell and too dry will cause it to shrink (both are bad). Optimal levels will be between 45% and 55% relative humidity. If storing on a wall in a room, you will want to monitor and adjust humidity levels as needed with either a humidifier or dehumidifier. The room humidity will likely be different in heating season than during cooling season.
In my opinion, if your goal is to maintain accessibility to a guitar you want to play regularly, a zippered gig bag will diminish the accessibility and make it less likely for you to reach for your guitar as often. It's the difference between lifting it off the hook and beginning to play verses lifting it off the hook, laying it on the couch or table to unzip the gig bag, extracting it from the gig bag, placing the gig bag in a location where it does not become a toy for the kid, and reversing the entire process when you are done.
My every day players live on guitar stands in various rooms throughout my house where the mood might strike me to pick up a guitar and strum a few chords. If I had toddler's roaming about, they would live on wall hooks near the ceiling. My expensive guitars live in a humidified hard shell case under the bed lying flat on the floor so they can't get knocked over.
Another guitar storage option might be a specialized rack or case (similar to a gun rack or gun case) as contemplated by this question on Stack Exchange Storing Guitars in Glass or Wood Case/Rack.
For the situation and guitar you described, I would suggest a high wall hook. A gig bag would only add an impediment to spontaneous playing at random times when the mood hits you. Have fun.