A portmanteau of 'bigot' and 'faggot' that is used in gory detail to insult someone who's being bigotted by using one of their own words against them; a faggoty bigot.
Guy 1: Oh look, that dude's bashing gay and/or trans people.
Guy 2: What a fucking baggot!
A word that is used generically to insult someone and is NOT a gay slur; a pathetic loser of the lowest caliber.
Guy: Oh look, a bunch of annoying, awkward faggots... Hoo-ray.
Girl: You shouldn't say 'faggot,' it's offensive to gay people.
Guy: Who said anything about gay people? I didn't. Are you implying gay people are faggots, or that gay people would think it's word appropriation and be offended by calling someone who's NOT gay a faggot? That's awfully bigotted of you; I don't want to talk to you anymore or ever again.