Heat a large cast iron skillet. Add oil and 2 tablespoons of butter.
When the butter starts to foam, add dry potato cubes. Toss well to coat potatoes with butter.
Cook on medium to high heat for 4-5 minutes (stir 1-2 times to prevent the potatoes from sticking at the bottom). The potatoes will have small brown blisters here and there.
Reduce heat and add sliced onion. Stir to mix, cover and cook on low heat for 5-6 minutes.
Remove the lid. Add minced garlic, smoked paprika, paprika, thyme, salt, and pepper. Toss everything well. Cover and cook for another 6-7 minutes.
Once the dry spices are added, the spices tend to stick to the bottom of the pan and burn. So keep an eye, if the potatoes are sticking at the bottom, sprinkle a few drops of water and stir a couple of times.
Insert a fork to see the doneness of the potatoes. If potatoes are cooked through, add the remaining butter(1 tablespoon) to the pan. Cook uncovered on low heat for another 5 minutes, until potatoes are crispy on all sides.
While serving garnish with crispy bacon bits and fresh chopped parsely.