In a medium pot, combine the ketchup, apple cider vinegar, ½ cup (120mL) water, brown sugar, mustard, molasses, Worcestershire sauce, salt, paprika, garlic and onion powders, and pepper. Whisk together until well combined.
Bring to a simmer over medium heat. Reduce heat to medium-low and cook, whisking frequently, for about 15 minutes until thickened. Remove from the heat and let cool completely. Add a few dashes of hot sauce, if you like it spicier.
Transfer to a storage container and refrigerate for up to 2 weeks.
Notes
The flavor of the sauce will get better with a little time. When I have the time, I like to make this at least a day before using it to give the flavors time to combine. Just reheat it gently over low heat or in the microwave to use as a topping or dip, or if you need it warm for your recipe.