How to allow both embed and upload in a video field?

Problem/Motivation

How can I get the video field to accept both embedded and upload videos?

I have added a video field to my custom content type and would like to allow the user to be able to either embed or upload videos. Ideally both should be displayed with at least a thumbnail and ability to play. Is this possible? Currently if I set the field form to embed, then cannot upload a video and vice versa.