Cook the bacon in a large saucepan over medium-high heat until crisp, about 5 minutes. Add the onion and butter and cook until the onion is tender, about 5 minutes more. Add the water and simmer for 10 minutes. Add the collards and cook until very soft, about 20 minutes. Season with salt and hot sauce, to taste. Transfer the greens to a serving bowl and serve.
Recipe courtesy of The Deen Brothers