If you would like to move your .bash_history file to someplace less obtrusive than your home directory, simply create or edit a file in /boot/home/config/boot called UserSetupEnvironment and add the following line:

 export HISTFILE= "<path>/<filename>"

Once you reboot and then start a new Terminal session, the history file will be created in the location you specified.
If you prefer no history file at all, the following will do the trick:

 export HISTFILE=""