bitcoin

Binance – Crypto Savings and Staking

By Leigh
Updated May 23, 2021 Filed Under: Cryptocurrencies, Investment 7

So I’ve recently sold about RM20,000 worth of bitcoins. It was just sitting in my Luno account for a month or so as MYR because I did not know what to do with it. I have since moved that amount to Binance. I converted to XRP and then transferred it to Binance.

At the same time, I was also doing my research on DeFi and staking. A really good place to start if you’re looking into this is CoinGecko’s book – How to DeFi. It took me a few days to get through the whole book the first time, and another few days for me to kinda-sorta understand it. And even now, I think I’ve barely scratched the surface. If you guys have other recommended readings, please do share them with me.

My Crypto Portfolio on Binance

Space reserved for updates.

Binance vs Coinbase

So my interest is actually in staking my coins. I don’t like my assets to just sit there and staking actually generates a lot of returns in the form of interest. So I had to look for platforms that supported staking and savings. In the end, it boiled down to Binance and Coinbase, I went with Binance mainly because they’re the biggest and the cheapest.

Is Binance Safe?

Some of you may remember the Binance hack back in 2019. The company actually absorbed the losses sustained then and no users were affected.

Another one of my concerns with Binance was with China. Binance was founded in China but they’ve since taken measures. Their servers were moved to Japan back in 2017 and they’re now headquartered in the Cayman Islands.

What I Did on Binance

As mentioned earlier, I had about RM20,000 of Bitcoin profits sitting in my Luno account. I decided to move this amount to Binance to try out its savings and staking. I wanted to move my funds with the lowest possible fees and decided to move it using XRP. Bought the maximum amount of XRP in Luno, moved the funds to Binance, and then converted my XRP to USDT.

The total transfer cost of XRP? 0.8313165. Which translates to about RM4?

As you can see, I’m holding 3,811 USDT right now and earning 5.80% p.a. using Binance’s savings feature

Earning Interests on my Crypto

Savings

So the safest of all the various forms of earning a return on your coins is Savings. Of which there are two types – Locked Savings and Flexible Savings.

An example would be Bitcoin’s savings. You stand to earn 1.2% p.a. Which isn’t too bad considering I’ve been earning zilch previously.

Another personal example of mine is my USDT Savings which is currently netting me 5.80% p.a.

Staking

I’ve yet to actually stake my coins but I’m really looking into it. Right now, there’s a sort of first come first serve situation with the more popular coins.

So, what is staking?

For example, for USDT, the interest rate for staking is almost double its savings rate at 10.67%. But it is sold out.
I’ll definitely be selling my USDT at some point to invest in other coins and then staking them. Updates will be done on this same page so keep an eye out.

The Risks of Savings and Staking

As we are all too familiar with, the higher the risk, the higher your potential reward. Naturally, that means staking carries a higher risk when compared to savings.

One risk that both savings and staking share is the risk of the value of your coin falling. If that particular coin experiences a huge drop, all interests earned will be wiped out.

Savings and Staking are very new in the world of finance and cryptocurrencies. Essentially, you’re lending your coins out to a process.

Usually, in Savings, your coin is loaned out to a holding company that then lends it to its various clients. These clients may want to borrow cryptocurrency for financial trades or for arbitrage.

In Staking, your tokens are used in its respective verification process. By helping out the network, you earn a reward.

A key thing to remember – Do not risk your whole stack of coins. Not in savings and not in staking. Don’t risk what you can’t afford to lose.

Sign Up

If you’re looking to sign up with Binance and explore the world of DeFi, use the link or manually enter my code: GGRMJQWA

You get a small 5% kick back and discount on fees when you make transactions there.

End.

I’m moving a relatively small portion of my crypto portfolio from Luno to Binance. Luno is still where the bulk of my portfolio will be held as it is the safest for me as a Malaysian.

The main reason for testing out Binance is to try out their savings and staking. If you’re new to cryptocurrencies and looking for a place to start, my advice is to stick with Luno as a Malaysian. Safety will be the biggest priority. My review and my cryptocurrency portfolio on Luno can be found hERE.

Risks, risks, risks

There are huge. huge risks to investing in cryptocurrencies. Even more when you’re moving them out of Malaysia’s regulatory space and into unknown, literal international waters. You then further risk it by staking/savings said coins. So please, understand the risks you’re taking before taking the dive.

The above being said, I’m extremely excited right now and I feel like a kid all over again dabbling in a whole new world of finance. I’m still very new at this and would love to hear from experts or anyone with more experience with this.

Onwards and upwards!

My Crypto Portfolio

NOTICE

A change is come. My portfolio updates will from May 2021 be updated in a different page.

My portfolio on Luno can be found hERE.
My portfolio on Binance can be found hERE.

Why Bitcoin?

I’ve been monitoring cryptocurrencies, especially Bitcoin on and off for a few years now and I have my reasons for investing in it.

My first venture into cryptocurrency was back in December 2018. I invested USD 288 (or approximately RM1,256) back then.

In my review of Luno in August 2020, my portfolio stood at RM3,808.

Cryptocurrency investment has been one of my biggest regrets. I regret not having put more money here. Of course, hindsight is always 20-20 but nonetheless, it is one of many regrets for me.

Bitcoin as a Store of Value

Firstly, I see bitcoin as digital gold. As we transition to a digital economy, bitcoin will eventually challenge gold as a global store of value.

Like gold, bitcoin is limited in its supply. Bitcoin is limited to only 21 million. Forever. Not only is bitcoin scarce and durable like gold, but bitcoin also improves upon many of physical gold’s characteristics. Bitcoin is divisible, verifiable, portable, and transferable.

If bitcoin were to take just a 10% share of the physical gold market, we could see its value increase 5X to $1 trillion.

With the continuous printing of money, bitcoin has been viewed as an asset similar to gold in the modern world as a hedge against inflation. A good article on this can be read hERE.

Bitcoin’s Potential

My next reason for investing in bitcoin is its sheer potential upside. There are many theories and thoughts on bitcoin’s adoption as a currency. Or even as a global settlement network for banks as businesses.

We’ve already seen PayPal recently move in that direction. Payment systems like Square Inc have bought into bitcoin. The potential is there. Unlike gold, gold has already plateaued whereas bitcoin’s potential is still vast.

I’ll be looking closely at Bitcoin and Ethereum especially moving forward. Although volatile in nature, with bigger upside potential, I’ll prefer buying Bitcoin to Gold when it comes to hedging.

Taxes on Bitcoin and Cryptocurrencies

In Malaysia, you’ll pay no taxes in general for investing in and holding Bitcoins and other cryptos long term. Like stocks, we don’t incur capital gains taxes as a Malaysian when the value of Bitcoins goes up.

However, if you’re a frequent trader, you will be liable to be taxed as a business. Of course, at the end of the day, it is best to check with LHDN.

My Crypto Portfolio Update

April 2021

April update 🚀
Gross investment: RM10,273
Market value: RM72,058
Capital gain: +601.43%

So I’ve sold RM20,050 worth of Bitcoins last month and transferred it out. Profit has already been locked in. As such, I’ll be reducing an equivalent amount in gross investment, bringing the new number to RM10,273 instead of the previous RM13,808. With these new figures, we can see quite clearly that I’ve made 7X my capital investing in cryptocurrency.

The RM20K I transferred out will be invested in crypto on another platform. I will be looking to try staking my coins in the near future.

If you are looking to use Luno, make use of the following code – LNDVDMAGIC50 , you will get RM50 worth of Bitcoin when you buy RM500 or more.

Crypto has and always will be extremely volatile. Remember to always DYODD. Onwards and upwards!

Where I Store My Bitcoins

Luno Malaysia

As mentioned in my earlier posts, I’ve moved all of my crypto holdings to Luno. I used Exodus as a wallet and exchange prior to Luno.

Luno works well for me as it not only lets me store my coins but is an exchange as well. Being a Malaysian and with Luno being given the nod by our own Securities Commission to operate in Malaysia, I’m going with them.

If you are looking to move to Luno as well, make use of the following code – LNDVDMAGIC50 , you will get RM50 worth of Bitcoin when you buy RM500 or more. That’s an instant 10% return on your investment.
My review on Luno can be found hERE.

The full promo rules can be accessed hERE.
Please go through them carefully to meet the criteria for that RM50.

It is important to note that I view cryptocurrencies as a form of investment. I don’t intend to use my Bitcoins in Malaysia to purchase goods and services. I do however am keeping tabs on developments in that sector as it will have an impact on prices.

As with all things internet, I urge you to set up 2FA authentication. Especially if you’re planning a significant investment into cryptocurrencies.

Binance

I have also in May 2021, moved a small position of my crypto portfolio to Binance. The main objective is to try out the exciting world of DeFi and earn returns via savings and staking my coins.

The article on my move to Binance can be found hERE.

Final Thoughts.

I’ll be moving more of my cash into Luno and increasing the size of my crypto portfolio in the future when the price is right. At least that’s the plan right now.

Just as how I prefer to purchase a mother share over warrants and how I prefer to buy shares of the main company over its subsidiaries, I’ll be focusing more on Bitcoins compared to other coins.

As always, Facebook, Instagram, and now YouTube! Follow, keep up to date.

Previous Updates

March 2021

March update 🚀
Gross investment: RM13,808
Market value: RM78,330
Capital gain: +467.28%

Oh what regret to have sold at the RM200,000 range earlier in February. I’ve got about RM20,000 just sitting in Luno right now. =(

February 2021

February update 🚀
Gross investment: RM13,808
Market value: RM63,492
Capital gain: +359.82%

Sold 0.1 Bitcoin when it was at the RM200K range. Will be looking for an opportunity to head back in the future.

January 2021

Gross Investment: RM13,808
Market Value: RM48,754
Capital Gain/Loss: +253.08%

December 2020

RM111,907 per Bitcoin. I actually made a short term trade, selling at RM79K and buying again at RM77K. A little profit there to add to my crypto portfolio.

Gross Investment: RM13,808
Market Value: RM34,424
Capital Gain/Loss: +149.30%

Of course, a little remorse and regret at not having put a little more money in. But, seeing as it is within my target of 1-10% of my investment portfolio, I’m grateful.

November 2020

So! All time high. What now?

Got another 50% in a month. Bitcoin has reached its previous historical peak. So moving forward, depending on how the market moves, I will react accordingly to either sell or continue to HODL!

Gross Investment: RM13,808
Market Value: RM25,420
Capital Gain/Loss: +84.10%

October 2020

With the increase in Bitcoin prices recently, I’m excited to update this.

During the month of October, in line with my investment goal of having cryptocurrency make up about 1-5% of my portfolio, I added RM10,000 to Bitcoin and Ethereum. This resulted in an increase in my gross investment from RM3,808 to RM13,808.

Gross Investment: RM13,808
Market Value: RM18,088
Capital Gain/Loss: +30.99%

Bitcoin’s price today is at RM57,490 per bitcoin.

My total crypto portfolio value in Luno is RM18,088.
Comprising of:

0.1962 BTC – RM11,285
3.1900 ETH – RM5,150
0.003866 BCH – RM4.23
Cash – RM1,648

September 2020

I’ll calculate my gross investment as RM3,808. It’s a rough estimate as this includes mining and unfortunately, I did not keep track of those properly back when I started in 2019.

Gross Investment: RM3,808
Market Value: RM5,528
Capital Gain/Loss: 45%

Bitcoin’s price today is at RM44,876 per bitcoin.

My total crypto portfolio stands at RM5,528.

It comprises of:

0.083395 BTC – RM3,742
1.200000 ETH – RM1,781
0.003866 BCH – RM4

Luno Malaysia Review (with RM50 Promo Code) and Portfolio Update

By Leigh
Updated October 17, 2022 Filed Under: Cryptocurrencies, Investment, Other Investments 29

This is a full-on review of Luno Malaysia. If you’re here looking for a referral and promo code to use for your sign-up, you can use my code LNDVDMAGIC50 , you will get RM50 worth of Bitcoin when you buy RM500 or more. That’s an instant 10% return on your investment. This is valid forever as of now so don’t worry. I will update this if and when it is no longer available. Sign up hERE.

Do remember to use my code LNDVDMAGIC50, you will get RM50 worth of Bitcoin when you buy RM500 or more.

New Cryptocurrencies on Luno

Luno Malaysia has just added Cardano (ADA) onto its platform! And Solano (SOL) will be available as well on 6 October 2022. The full list can be seen below:

Bonus point! As part of ADA and SOL launch on Luno Malaysia, investors will be able to enjoy 50% off Instant Buy and Sell, and reduced Luno Exchange fees
when you invest in:

Cardano from 21 September – 20 October 2022
Solana from 6 October – 7 November 2022

A little background on the two new cryptocurrencies that will be available:

Cardano is a blockchain platform for changemakers, innovators, and visionaries, with the tools and technologies required to create possibilities for the many, as well as the few, and bring about positive global change.
Solana is the fastest blockchain in the world and the fastest growing ecosystem in crypto, with thousands of projects spanning DeFi, NFTs, Web3 and more.

My Crypto Portfolio on Luno

My latest Luno portfolio, which makes up the bulk of my crypto assets will be updated here. Previous updates can be found at the end of this article.

Moving forward, I’ll be updating my crypto portfolio on a monthly basis here.

September 2022

September update 🚀
Gross investment: RM20,273
Market value: RM36,732.01
Capital gain: +81.1%

Crypto prices dropped again last month and we’re sitting at an 81% gain only right now. =(
Many have been asking if it is the right time to buy and what to buy, of which I of course always say DYOR. But I’ll be throwing in some money into BTC and/or ETH starting this month or the next regularly.

Also, anyone getting Luno’s newly listed coins?

You can find my previous portfolio updates at the bottom of the page.

My Take on Luno Malaysia

Who Is Luno Malaysia?

If you’re into cryptocurrencies and you live in Malaysia, chances are you’ve heard of Luno Malaysia. They’re the largest cryptocurrency exchange in Malaysia.

As of May 2021, Luno Malaysia offers the following cryptocurrencies:

Bitcoin (BTC)
Ethereum (ETH)
Ripple (XRP)
Litecoin (LTC)
Bitcoin Cash (BCH)

Is Luno Safe? Is Luno Legit?

Safety-wise, Luno is the first regulated cryptocurrency exchange in Malaysia. And that’s saying something.

They’re regulated by SC so there’s really nothing for us to worry about fraud from Luno as an exchange.

A cyber attack however is something entirely different. Attacks and hacks on an exchange can happen and has happened in the past. But then again, there’s really nothing we can do about it.

As of now, if you’re a Malaysian and looking for a crypto exchange, I’d say Luno is your safest bet. I have the majority of my coins stored with Luno.

Moving your Crypto to Luno

I have recently moved all my coins – Bitcoin, Ethereum and Bitcoin Cash to Luno’s platform.

The process was surprisingly simple and easy. Bear in mind that this is my first time sending / receiving coins.

It took around an hour for all my cryptocurrencies to arrive as they require confirmations on the blockchain.

As of today, my total crypto portfolio stands at RM3,808. For a roughly 1.5 year period, my return is about 200%.

I’ll be using Luno as a wallet to stash all my cryptocurrencies from this point on as well as an exchange to buy/sell.

The user interface is spot on and the support I’ve received from them with my inquiries has been outstanding.

Luno’s Wallet

Keeping your hard-earned bitcoins and other cryptos on Luno Malaysia itself is something all users can do. I myself do that but as my holdings grow in size, I will be thinking of moving them to a standalone wallet, maybe even an offline one.

Luno’s wallet is what is known as a custodial wallet. This means that your private keys are stored by a third party, in this case – Luno. Placing your coins in a custodial wallet is similar to the principles of placing your cash in a bank. The money remains yours, but you do not fully control your money when it is in their hands.

Advantages

Interest generating. Some exchanges/custodians are giving you money to store your coins with them. Think of your coins as being used as a sort of money market fund. Hoping to see this come to Luno in the near future.
Convenience. You’re able to manage all your funds in one place and at any time.
You won’t lose or forget your private key and access to your coins.

Disadvantages

The custodian has control over your money.
Your coins can be seized by a court decision.
If the wallet gets hacked, you may lose your coins.

Before you cry foul and move all your coins to your own private wallet, Luno actually has three layers of security for their wallets and your coins. The first layer is the industry standard where an external custodian secures the keys. This is for practical reasons otherwise moving funds would take too long.

The second and third layer is where the security intensifies and where the bulk of the coins are stored. Luno actually practices what they term ”deep freeze storage”. Essentially, the private key is broken up and stored in different places around the world.

For the reasons above, you may want to have a percentage of your coins with Luno and another in your own private wallet. If you plan to just hold for a very long time, keeping it on your own wallet would make more sense. Just don’t forget your keys.

However, if and when Luno announces the interest bearing feature, I think a lot of bitcoin holders will see value in keeping their coins with Luno.

As for security on your own side, please, please set up 2-Factor Authentication for your accounts. Better safe than sorry especially if you’ve got a significant percentage in cryptocurrencies.

Luno Malaysia’s Fees – Post Order Only

First off, sending and receiving your cryptocurrencies. When you receive, Luno doesn’t charge a fee. When you send, you’re charged a fee.

When actually buying and selling on Luno’s exchange, to save on fees, forget instant buy/sell and instead, do a post order. Tick the ”post-only order” and you’ll see the difference in your fees.

Right at the bottom, tick that. You won’t instantly get your coins if you’re buying, instead, set a price close to the market price. Creating a post-only order ensures that you won’t have to pay a taker fee. An order will only be added to the order book if it does not match with a pre-existing order. If it does, it will be canceled.

Besides that, to get a full picture of other fees, you can visit Luno’s page on it hERE.

Why Bitcoin?

As always, prior research and due diligence on your part is required before making investments. For any asset class.

I’ve been monitoring cryptocurrencies, especially Bitcoin on and off for a few years now and I have my reasons for investing in it.

My first venture into cryptocurrency was back in December 2018. I invested USD 288 (or approximately RM1,256) back then.

Back in August 2020, my portfolio stood at RM3,808.

Cryptocurrency investment has been one of my biggest regrets. I regret not having put more money here. Of course, hindsight is always 20-20 but nonetheless, it is one of many regrets for me.

BITCOIN AS A STORE OF VALUE

Firstly, I see bitcoin as digital gold. As we transition to a digital economy, bitcoin will eventually challenge gold as a global store of value.

If bitcoin were to take just a 10% share of the physical gold market, we could see its value increase 5X to $1 trillion.

With the continuous printing of money, bitcoin has been viewed as an asset similar to gold in the modern world as a hedge against inflation. A good article on this can be read hERE.

BITCOIN’S POTENTIAL

I’ll be looking closely at Bitcoin and Ethereum especially moving forward. Although volatile in nature, with bigger upside potential, I’ll prefer buying Bitcoin to Gold when it comes to hedging.

Luno Malaysia Best Referral Code (RM50)

As part of a collaboration with Luno Malaysia, we’ve come up with the perfect promotion for new users wanting to invest in Bitcoin.

Using the following referral code – LNDVDMAGIC50 , you will get RM50 worth of Bitcoin when you buy RM500 or more. That’s an instant 10% return on your investment. Sign up hERE.

If you’ve been wanting to own some Bitcoins, now is really the time to start.

Unfortunately, this promo and referral code is for new users only. Also, make sure you use Luno’s instant buy (instead of a post-order) function to be eligible for this code.

After signing up, you enter the promo code as follows:

For mobile users, head to the Rewards tab at the bottom and enter the code: LNDVDMAGIC50

For desktop users, the Rewards tab is on the top right, enter the promo code: LNDVDMAGIC50

In short, to be eligible for the RM50 promo and referral code, you have to:
1. Register as a new Luno Malaysia customer;
2. Enter my Luno promo code: LNDVDMAGIC50 (BEFORE you make a deposit into your Luno account);
3. Make a purchase of at least RM500; and
4. Make sure the purchase is through Luno’s Instant Buy feature.

The full promo rules can be accessed hERE.
Please go through them carefully to meet the criteria for that RM50.

End.

I’ll be moving more of my cash into Luno and increasing the size of my crypto portfolio in the future when the price is right. At least that’s the plan right now.

Just as how I prefer to purchase a mother share over warrants and how I prefer to buy shares of the main company over its subsidiaries, I’ll be focusing more on Bitcoins compared to other coins.

As always, Facebook, Instagram, and now YouTube! Follow, keep up to date.

Update 30 April 2020

As of 30 April 2020, my crypto portfolio worth RM3,808 consists of the following.

Bitcoin – RM2,763
Ethereum – RM1,039
Bitcoin Cash – RM4

Update 30 April 2021

Damn a year has passed and looking at my 2020 numbers, I just cannot believe the run crypto is on. I’ve gone from RM3,808 to RM72,058.

December update 🚀
Gross investment: RM10,273
Market value: RM72,058
Capital gain: +601.43%

Let’s see where the next wave will take us.
Onwards and upwards!

Previous Updates

August 2022

August update 🚀
Gross investment: RM20,273
Market value: RM39,501
Capital gain: +94.8%

Volatile volatile volatile.

July 2022

July update 🚀
Gross investment: RM20,273
Market value: RM43,015
Capital gain: +112%

I’ll be looking to DCA and add money monthly into BTC and ETH starting this month. Time to rebalance the portfolio a little and move crypto up in %.

June 2022

June update 🚀
Gross investment: RM20,273
Market value: RM36,053
Capital gain: +77.83%

Hang in there, guys. Crypto has been on a wild wild ride. Most of you would be in the red I’m sure so trust in your own judgement alright. I’ll be adding more ETH soon, still waiting to see if crypto drops further.

March 2022

March update 🚀
Gross investment: RM20,273
Market value: RM73,556
Capital gain: +262.83%

A roller coaster ride again! Looking really hard and waiting for an opportunity to buy ETH soon as I just freed up some funds.

February 2022

February update 🚀
Gross investment: RM20,273
Market value: RM81,053
Capital gain: +299.80%

January 2022

January update 🚀
Gross investment: RM20,273
Market value: RM65,895
Capital gain: +225.03%

December 2021

December update 🚀
Gross investment: RM10,273
Market value: RM67,004
Capital gain: +552.23%

November 2021

November update 🚀
Gross investment: RM10,273
Market value: RM96,303
Capital gain: +837.44%

October 2021

October update 🚀
Gross investment: RM10,273
Market value: RM78,308
Capital gain: +662.27%

An increase in my crypto portfolio. Still a long way to go to that magical 10X.

September 2021

September update 🚀
Gross investment: RM10,273
Market value: RM71,194
Capital gain: +593.02%

Looks like meat’s back on the menu boys! We’re almost back to our all-time portfolio high. This time, thanks to ETH.

I’ve said it time and time again to prepare for a roller coaster ride when it comes to cryptocurrencies. You can have a look at my monthly updates at the bottom of this article to get a feel of how big the price swings were this year alone.

Totally uncharted waters for me but I think holding Bitcoin and Ethereum long-term has been a good move. Do remember to keep up to date on your research and the industry as a whole.

August 2021

August update 🚀
Gross investment: RM10,273
Market value: RM54,564
Capital gain: +431.14%

With regards to the recent announcement by the Securities Commission on Binance being restricted in Malaysia, I’ll be moving my money back to Luno. Specifically, converting my holdings in Binance to XRP > Transfer > Convert back to BTC or ETH.

If you guys have got a better way to transfer, let us know!

I’m moving my coins back to Luno as I don’t want to take on unnecessary risks.

July 2021

July update 🚀
Gross investment: RM10,273
Market value: RM47,314
Capital gain: +360.57%

How are you guys loving the volatility? I hope you’re able to stomach it.
A big drop in ETH prices has sent my crypto portfolio’s gain down again this month.

As mentioned in my article a few days back, I’ve moved some of my coins to Binance to learn firsthand – Crypto savings and staking.

Luno will still be where my main crypto portfolio is held. If you’re a Malaysian looking to start investing, my suggestion is and always will be Luno. Safety and regulation.

June 2021

June update 🚀
Gross investment: RM10,273
Market value: RM53,802
Capital gain: +423.72%

Another roller coaster month for cryptos. Those of you who have been holding onto coins will have experienced it first hand. Volatility and your coins come hand in hand right now. I’d love to see some stability, at least for Bitcoin as we hodl into the future.

Value has dropped by a lot since my April update. To those of you who bought at a high, trust your own research, keep a cool head, and react accordingly. Onwards and upwards!

May 2021

May update 🚀
Gross investment: RM10,273
Market value: RM59,240
Capital gain: +476.65%

A dip! Cryptocurrencies took a huge dip and the volatility continues today. I’m sure all of you have been following up with the antics of Elon Musk. Coupled with the crackdown from China’s government, cryptos were left battered.

I’ll of course be HODL-ing my coins. Still sitting at a pretty safe place right now. I hope those of you that have just gotten into cryptocurrencies don’t get too discouraged. Remember that volatility and cryptos come hand in hand.

April 2021

April update 🚀
Gross investment: RM10,273
Market value: RM72,058
Capital gain: +601.43%