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Potassium is not a real element or correct reference to any existing element, rather a piece of terminology used by scientists in the field. As such, potassium's properties change from compound to compound and can't be accurately listed. For more information see chemical compounds.
Potassium can be reliably cited as existing back as far back as 1994. Its common use is being a way for scientists to refer to the compound created when molten potassium reacts with Gold - Potassium Aurate.
Potassium was reported without proof as being detected in a New Zealand home water supply in 1887. Potassium is extremely toxic in its recently reacted form, so if this happened, it would be extremely dangerous.
edit The Potassium Song
Often sung by 13th century witches, this Song supposedly created a mystical barrier around the chanter, rendering them invulnerable and any projectile cast at the shield to be returned on its original trajectory (conserving momentum and therefore energy).
The Song served as inspiration for certain spells in J.K. Rowling's "Harry Potter" franchise, for example "Protego Maxima", "Fianto Duri", and "Repello Inimicum" all have the same effect as the Song reportedly had. 
Only one original source of the Song still exists, which is kept in the Vatican in Rome. The Song as provided by the manuscript is therefore as follows:
| u qu1ksh0t me doun|
but i want fall
i am potassium.