Boil potatoes until just tender, about 15 to 20 minutes depending on size of potato; drain water off.
Heat white truffle oil over a medium heat in a 10-inch or larger frying pan until hot.
With the back of a spatula, press potatoes flat being care to not flatten too much (be careful in handling, you don't want to burn your hands); transfer potato patties to frying pan. Sprinkle with salt and pepper to taste.
Fry to a golden brown on both sides (flipping only once). Once you flip, season with salt and pepper again.
Place about a tablespoon of shredded cheese on each smashed potato. Once cheese begins to melt, transfer to serving plate.
If desired, add bacon and a dollop of sour cream; sprinkle with chives. Serve!