To create a Fedora Linux Live bootable USB key you will need Fedora Linux ISO image and some sort of USB key with disk size higher than the actual ISO image size. Currently, the size of Fedora 21 Live image is 1.3GB:
# ls -lh /home/lrendek/Downloads/Fedora-Live-Workstation-i686-21-5.iso
-rw-rw-r--. 1 lrendek lrendek 1.3G Dec  4 08:38 Fedora-Live-Workstation-i686-21-5.iso
Please note that any data on your USB key will be removed in the process so make sure that you have all your data backed up before you proceed. The easiest way to create Fedora Linux Live bootable USB key is to use ddrescue command. First we need to install ddrescue command. On Fedora Linux this can be achieved by:
# yum install ddrescue
Loaded plugins: langpacks, refresh-packagekit
Resolving Dependencies
--> Running transaction check
---> Package ddrescue.x86_64 0:1.17-1.fc20 will be installed
--> Finished Dependency Resolution
...
Running transaction (shutdown inhibited)
  Installing : ddrescue-1.17-1.fc20.x86_64                                                                                                                          1/1 
  Verifying  : ddrescue-1.17-1.fc20.x86_64                                                                                                                          1/1 

Installed:
  ddrescue.x86_64 0:1.17-1.fc20
Next, insert your USB key into your Linux box and run fdisk command:
# fdisk -l
Disk /dev/sdb: 14.9 GiB, 16008609792 bytes, 31266816 sectors
Units: sectors of 1 * 512 = 512 bytes
Sector size (logical/physical): 512 bytes / 512 bytes
I/O size (minimum/optimal): 512 bytes / 512 bytes
Disklabel type: dos
Disk identifier: 0x00000000

Device    Boot Start       End  Blocks  Id System
/dev/sdb1         63   5863724 2931831   7 HPFS/NTFS/exFAT
and take a note of your USB key block device file name. In our case it is /dev/sdb. No formatting is required for a successful bootable live USB key creation. Disregarding any type of filesystem currently present on your USB key we now execute ddrescue command and supply the Fedora Live image as a source file and our USB key block device file name as destination.
# ddrescue Fedora-Live-Workstation-i686-21-5.iso /dev/sdb --force
GNU ddrescue 1.17
Press Ctrl-C to interrupt
rescued:     1336 MB,  errsize:       0 B,  current rate:    1245 kB/s
   ipos:     1336 MB,   errors:       0,    average rate:    4501 kB/s
   opos:     1336 MB,    time since last successful read:       0 s
Finished 
All done. The above can take some time depending on a writing speed of your USB key. Once finished simply unplug your USB key from your Linux box and use it to boot Fedora Linux from it.
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