In a medium saucepan, combine ketchup, apple cider vinegar, brown sugar, molasses, and Worcestershire sauce.
Stir in smoked paprika, garlic powder, onion powder, and cayenne pepper (if using).
Bring the mixture to a simmer over medium heat, stirring occasionally.
Reduce heat to low and let it simmer gently for 20-30 minutes, or until the sauce has thickened to your desired consistency. Stir occasionally to prevent sticking.
Remove from heat and let it cool completely. The sauce will thicken further as it cools.
Store in an airtight container in the refrigerator for up to 2 weeks.
Notes
This BBQ sauce is incredibly versatile. Use it as a marinade, a dipping sauce for appetizers, or slather it on your favorite grilled meats and vegetables.