Shy of a date stamp on an object, it is still the best and most accurate of dating techniques devised.
All living things exchange the gas Carbon 14 (C14) with the atmosphere around them—animals and plants exchange Carbon 14 with the atmosphere, fish and corals exchange carbon with dissolved C14 in the water.
One of the impressive points Whitewall makes is the conspicuous absence of dates between 4,500 and 5,000 years ago illustrating a great catastrophe killing off plant and animal life world wide (the flood of Noah)!
I hope this helps your understanding of carbon dating.
For object over 4,000 years old the method becomes very unreliable for the following reason: Objects older then 4,000 years run into a problem in that there are few if any known artifacts to be used as the standard.
If something carbon dates at 7,000 years we believe 5,000 is probably closer to reality (just before the flood).
Robert Whitelaw has done a very good job illustrating this theory using about 30,000 dates published in Radio Carbon over the last 40 years.
Libby and a few of his students at the University of Chicago: in 1960, he won a Nobel Prize in Chemistry for the invention.
It was the first absolute scientific method ever invented: that is to say, the technique was the first to allow a researcher to determine how long ago an organic object died, whether it is in context or not.