In this paper we will first explain what Light-Fidelity (LiFi) is and argue that it is a 5th Generation (5G) technology. Peak transmission speeds of 8 Gbps from a single light source have been demonstrated, and complete cellular networks based on LiFi have been created. We will discuss numerous misconceptions and illustrate the potential impact this technology can have across a number of existing and emerging industries. We also discuss new applications which LiFi can unlock in the future.