In a medium-sized saucepan, combine the ketchup, apple cider vinegar, dark brown sugar, molasses, Worcestershire sauce, and Dijon mustard. Whisk until perfectly smooth.
Carefully stir in the liquid smoke, smoked paprika, garlic powder, onion powder, black pepper, and salt.
Place the saucepan over medium-low heat. Bring the robust mixture to a very gentle simmer, making sure to whisk occasionally to prevent any sugars from burning.
Once simmering, drop the heat to the absolute lowest setting. Let it bubble gently and uncovered for 10 to 15 minutes. This allows the intense smoke aroma to mellow out and seamlessly blend with the sweet and tangy base.
Remove the pan from the heat. Allow the sauce to cool completely at room temperature, which will cause it to thicken further, before storing it in an airtight jar in the refrigerator for up to 2 weeks.