Fiat is created through loans, in other words, people contractually obligate themselves to accept the currency as payment and they implicitly agree to a certain

Fiat is created through loans, in other words, people contractually obligate themselves to accept the currency as payment and they implicitly agree to a certain price level. This means that the price level ends up very stable because there is predictable demand for fiat and people can't just dump it like a hot potato immediately. With cryptocurrencies there is hardly anyone that uses it for payments or loans. People mostly speculate with it. If people suddenly think it is worth much less then it will have a sudden change in its price level. Worst case, it can go to zero in a day. Creating money without loans is a bad idea because it makes it much easier to have high inflation as there is no mechanism to take the money back.