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We consider the problem of counting the number of copies of a fixed graph $H$ within an input graph $G$. This is one of the most well-studied algorithmic graph problems, with many theoretical and practical applications. We focus on solving this problem when the input $G$ has bounded degeneracy. This is a rich family of graphs, containing all graphs without a fixed minor (e.g. planar graphs), as well as graphs generated by various random processes (e.g. preferential attachment graphs). We say that $H$ is easy if there is a linear-time algorithm for counting the number of copies of $H$ in an input $G$ of bounded degeneracy. A seminal result of Chiba and Nishizeki from '85 states that every $H$ on at most 4 vertices is easy. Bera, Pashanasangi, and Seshadhri recently extended this to all $H$ on 5 vertices, and further proved that for every $k > 5$ there is a $k$-vertex $H$ which is not easy. They left open the natural problem of characterizing all easy graphs $H$. Bressan has recently introduced a framework for counting subgraphs in degenerate graphs, from which one can extract a sufficient condition for a graph $H$ to be easy. Here we show that this sufficient condition is also necessary, thus fully answering the Bera--Pashanasangi--Seshadhri problem. We further resolve two closely related problems; namely characterizing the graphs that are easy with respect to counting induced copies, and with respect to counting homomorphisms.