There are a few deifnitions for this word.
1. It's the olde English terminology for a bundle of sticks. I doubt anybody really uses the word for that meaning anymore. Maybe some old people in a corner of cornwall do, but they don't count.
2. A term used for a disgusting British delicacy often eaten with peas and purchased from a low rent fish and chip shop. It's basically the ass and innards of a pig ground up into blobs of indistinguisable brown meat. It is NOT a british term for a cigarette. If you went up to a guy on the streets of london and said 'have a faggot?' they'd probably beat you up. The correct word in that situation is 'fag'.
3. The most common usage today is for a homosexual. Who knows how it evolved into that but with the older meanings about sticks and balls of ground meat you can probably guess. The word has been reclaimed(in the same way as the word 'gay') by teenage boys who feel the constant need to affirm their masculinity by putting down gay people and femeninity.
"You faggot!" - bored teenage youtuber
"I'm not a homosexual, not that I am against them. Please, shut up.' - rational person