One thing I can't really see an answer to is how credit creation would work on a Bitcoin standard (or gold standard for that matter) as the system would be fully reserved and not fractionally reserved as the current standard is...
What kind of credit are you talking about? Is it the kind of credit that we take on to pay back in the future? If yes, then Bitcoin is not built for such.
For credit creation to be successful, one needs to keep enough reserves for that purpose. That's to say, since we have 21,000,000 bitcoins in total supply, part of the 21,000,000 will be reserved separately, which will mainly be for lending only, and the others are to be publicly acquired and held just as they are right now.
Bitcoin don't have such a feature, and I don't think that could be possible either in the near future. We can only use it as we see fit, and if we ever need credit for Bitcoin, it can be done on an individual contract basis, which will involve lending out one's holdings to another as credit, which will in turn be paid back with a certain agreed-upon percentage of profit.