Propane exists in its liquid form at or below its boiling point (-44°F) as well as when it stored under pressure. To further explain, if the temperature outside is -45°F, propane will be a liquid and you would be able to pour it out of a bucket. But as soon as the temperature rises to -44°F, the propane begins to boil and thus give off vapor. If the temperature outside is colder than -44°F, propane exists as a liquid. It's still propane but it looks a lot like water while at this cold temperature. It's colorless, odorless and tasteless...but who would take a drink of a any liquid that is 45 degrees below zero? Who would stick their finger in a glass of anything that is 45 degrees below zero? Holding a handful of ice can be quite uncomfortable (or painful) after some time but think how painful it would be if that handful of ice was almost 75 degrees colder.
Because propane boils at a temperature that is over 70 degrees lower than the freezing point of water, it has the ability to freeze skin tissue in a very short period of time (severe frostbite). The temperature properties of liquid propane are such that being aware of possible danger when dealing with propane in its liquid state is extremely important.