A fuzzy BWM and MARCOS integrated framework with Heronian function for evaluating cryptocurrency exchanges: a case study of Türkiye

A fuzzy BWM and MARCOS integrated framework with Heronian function for evaluating cryptocurrency exchanges: a case study of Türkiye

(2024) 10:31 | Fatih Ecer, Tolga Murat, Hasan Dinçer, Serhat Yüksel
This study develops an integrated framework, the fuzzy best–worst method with the Heronian function (FBWMH-FMARCOSH), to evaluate cryptocurrency exchanges. The framework combines the fuzzy best–worst method (FBWM) to determine the importance of criteria, the fuzzy measurement of alternatives and ranking according to compromise solution with the Heronian function (FMARCOSH) to prioritize alternatives, and the Heronian function to aggregate results. The study aims to identify the most critical factors affecting the performance of crypto exchanges and provide a decision support tool for investors. Through a case study of five well-known cryptocurrency exchanges in Türkiye, the study finds that "perception of security," "reputation," and "commission rate" are the most important factors in choosing a cryptocurrency exchange. Coinbase is ranked as the best exchange, followed by Binance. The robustness of the proposed framework is validated through sensitivity and comparative analyses, demonstrating its effectiveness and reliability in evaluating cryptocurrency exchanges. The findings can help investors make informed decisions and contribute to the broader adoption of cryptocurrencies.This study develops an integrated framework, the fuzzy best–worst method with the Heronian function (FBWMH-FMARCOSH), to evaluate cryptocurrency exchanges. The framework combines the fuzzy best–worst method (FBWM) to determine the importance of criteria, the fuzzy measurement of alternatives and ranking according to compromise solution with the Heronian function (FMARCOSH) to prioritize alternatives, and the Heronian function to aggregate results. The study aims to identify the most critical factors affecting the performance of crypto exchanges and provide a decision support tool for investors. Through a case study of five well-known cryptocurrency exchanges in Türkiye, the study finds that "perception of security," "reputation," and "commission rate" are the most important factors in choosing a cryptocurrency exchange. Coinbase is ranked as the best exchange, followed by Binance. The robustness of the proposed framework is validated through sensitivity and comparative analyses, demonstrating its effectiveness and reliability in evaluating cryptocurrency exchanges. The findings can help investors make informed decisions and contribute to the broader adoption of cryptocurrencies.
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