In a large saucepan over medium heat, add 4 ounces of diced bacon and cook until crispy, about 5-7 minutes. Remove bacon, reserving rendered fat.

Increase heat to medium-high, add 2 pounds of cubed chuck beef to the hot grease. Sear until deep brown, about 5-8 minutes. Transfer to a plate.

Lower heat to medium, add 1 diced onion, and diced green and red peppers. Sauté until tender and onion is translucent, about 7-10 minutes.

Stir in 2 chopped garlic cloves and 2 tablespoons of tomato paste, cooking for about 1 minute until fragrant.

Return crispy bacon and browned beef to the pan, add 2 cups beef broth, 4 tablespoons sweet paprika, 1 tablespoon hot paprika, and optional spices. Bring to a boil.

Once boiling, reduce heat to low, cover, and let simmer for about 2-3 hours, ensuring the beef becomes tender.

After simmering, taste and adjust salt and pepper as needed before serving warm.