In a large bowl, combine the buttermilk and hot sauce (if using). Add the chicken pieces, ensuring they are fully submerged. Cover and refrigerate for at least 4 hours, preferably overnight.
In another bowl, mix together the flour, paprika, garlic powder, onion powder, salt, black pepper, and cayenne pepper.
Remove the chicken from the buttermilk, allowing excess to drip off, then dredge each piece in the flour mixture, pressing gently to adhere.
In a large skillet or deep fryer, heat about 1 inch of vegetable oil over medium-high heat until it reaches 350°F.
Carefully add the chicken pieces in batches, ensuring not to overcrowd the pan. Fry for 12-15 minutes per side, or until golden brown and the internal temperature reaches 165°F.
Once cooked, transfer the chicken to a wire rack lined with paper towels to drain excess oil. Let it rest for 5 minutes before serving.