Theres no hedge for bitcoins. Hedging is taking both sides of trade.
For example hold long bitcoin position. Sell bitcoin call option.
Since theres no options market for bitcoin theres no hedge
Strictly speaking, hedging does not mean "taking both sides", it means taking positions which move in opposite directions -- such as in your example of a long position coupled with a short call against the position.
In addition, the list of types of positions which might move opposite to a long position in BTC is not exhausted by options; futures (e.g., ICBIT) and leveraged CFD-style products (e.g., BTC.sx) can perform a similar function.
I would say the most accurate of "hedging" is to take an additional position that reduces your overall risk in the event that the price of a security moves against your favor, while still allowing you to profit in the event the price moves in your favor.