In a medium saucepan, whisk together ketchup, apple cider vinegar, brown sugar, molasses, Worcestershire sauce, Dijon mustard, smoked paprika, garlic powder, onion powder, black pepper, cayenne (if using), and liquid smoke (if using).
Place the saucepan over medium heat and bring to a gentle simmer, stirring frequently.
Reduce heat to low and let it simmer for 10-15 minutes, stirring occasionally, until the sauce thickens slightly.
Taste and adjust seasoning if needed (more sugar for sweetness, vinegar for tang, or spices for heat).
Remove from heat and let cool before using.
Transfer to an airtight jar or bottle and refrigerate for up to 2 weeks.
