How to replace image or a video?

One way to replace video or image, and to save existing url or iframe/embed implementation is to:

• upload first video with public id (for example myvideo)
• upload second video with different public id (for example myvideo2)
• edit/rename first video public id (for example myvideo > myvideo1)
• edit/rename second video public id (for example myvideo2 > myvideo)
• give it 15 minutes for cache to pick up changes