Creating a new storage account is straight forward. Give it a name and location. Another selection if the type if performance required. Standard or Premium.
Standard refers to the magnetic storage and premium refers t the SSD. But the premium selection only supports page blobs. Block blobs, append blobs, file shares, labels and queues are not available. Standard storage now has StorageV2. You can still select BlobStorage. The advantage of BlobStorage is that it is public.
The replication for storage accounts have two options. Locally-redundant (Azure keeps the storage account with two additional copies within the region) and Geo-redundant (as same as the Locally-redundant, but also with three additional copies in the other regions as well).
Access tiers of Hot and Cool refers to the latency. Hot means the data is accessed immediately, where as Cool introduces latency with cheaper storage.
Typically the security should be enabled (SSL). The Virtual Networks option is also called the Virtual Network Endpoints. Typically when you create a storage account it is accessible publicly with a URL as long as you have the access keys. We can also restrict access to the storage account to a specific Virtual Network we have created. This will not allow public access from another network.
A secure storage can be created once a storage account has been created by using the Firewall and Virtual Network settings. A virtual network can be added from here. You can also add an IP or an IP range to allow access the storage account. If you now create a blob container for example in this storage account, the blob container can only be accessed from the virtual network that was assigned to the storage account.