The most space efficient way to store binary data is to store it as bytes. The only way you may get it even shorter is via compression. But for 92 Characters that will not amount to much.
As for Base64: There are cases where we are forced to transmit binary data over a medium not supporting random binary data. Mostly Textbase media (Email, XML files, HTML). So we use Base64 as a way to encode Binary Data. While it is lossless, it is less storage efficient. In effect every Byte of Input needs 1 1/4 byte in Base64 Output. It is never the ideal case to use Base64, more a nessesary evil.
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solved Reversible Hash in C#