As YouTube is not the only video hosting platform, I figure that this template should have a site option to denote the site the video originated from.
May be tough to implement , but what other video hosting platforms did you have in mind?
Hmm... Maybe a separate template for them?... Can you give examples of links from all sites?
There's no need for a timestamp parameter. The way the template works is by invoking the Module:YouTube citation. The module then checks for any pattern in the URL matching "?t=(some number)". It automatically derives the timestamp from that information
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