Set out a large baking sheet.
To a medium bowl, add shrimp. Pour the buttermilk over the shrimp. Toss to coat. Marinate at room temperature for at least 15 minutes.
To a separate medium bowl, add flour, paprika, garlic powder, onion powder, salt, black pepper, and cayenne pepper. Mix to combine. Set aside.
Working one at a time, remove the shrimp from the marinade, allowing any excess liquid to drip off. Dredge the shrimp generously in the seasoned flour mixture, making sure to coat the entire surface of each shrimp. Place on the large baking sheet, and repeat with the remaining shrimp.
To a large pot over medium heat, add about 2 inches of vegetable oil. Heat the oil to 350°F.
When ready, tap off any excess flour and carefully transfer coated shrimp into the hot oil, frying in batches to avoid overcrowding.
Fry for 2-3 minutes, turning occasionally, until the shrimp are golden brown and crispy. (Please note: You may have to let the oil heat up to 350°F again after each batch of fried shrimp.)
Using a slotted spoon, remove the fried shrimp from the oil and place them on a paper towel-lined plate to absorb any excess oil.
Transfer the shrimp to a medium bowl. Add buffalo sauce and gently toss to coat, careful not to lose any breading.
Serve immediately with blue cheese or ranch dressing for dipping.