@Beastie
No I am pretty sure I am not running the old version. I have uninstalled the old version.
Code:
$ which youtube-dl
/home/myusername/bin/youtube-dl
I have copied youtube-dl to /home/myusername/bin then made it executable.
@jggimi
When I type "yout" and press tab it auto completes so I guess the path is working.