You can build an effective Deck around this card. Use cards like "Super-Nimble Mega Hamster" to Special Summon "X-Saber Airbellum", recruiters like "Giant Rat" or "Nimble Momonga", "Egotistical Ape" or the Monoceros combo mentioned above, then Synchro Summon this card. When it's destroyed, both players mill 7 cards. Use those milled cards to fuel "Pot of Avarice", which will return Voltic Bicorn to the Extra Deck, as well as some useful monsters like the Hamster, Airbellum or "Ryko, Lightsworn Hunter" (which can be searched with Hamster too if needed and helps the mill strategy). Repeat the strategy to generate advantage with multiple Pot of Avarice activations, trigger Graveyard effects like "Green Baboon, Defender of the Forest" or "Manticore of Darkness", or win by decking your opponent out. Since this Deck can bring out Bicorn as many as 5 times in a single duel, destroying it that many times will finish with your opponent's Deck in no time, while you reload yours with Avarice.
This card works well in conjunction with "Closed Forest" in a Beast-related deck, due to its effect of flooding the Graveyard with cards.
Current OCG rulings allow you to suicide this card into an opponent's stronger monster and still get its effect. With this in mind, you can use traps like Miracle's Wake and Time Machine to bring back Bicorn during the battle phase, and repeatedly suicide it. If you can repeatedly do this, you can cause a huge amount of your opponent's deck to be destroyed, and possibly cause a Deck Out. (Keep in mind, this is risky, as your deck is affected as well.)
With the above strategy, after you suicide it a second time, use either card to bring back another monster you control and then play Localized Tornado to rebuild your Deck.
You can use this card in "Cat Synchro" Decks. Use "X-Saber Airbellum" as your Tuner monster.